08:27 AM EDT, 04/19/2024 (MT Newswires) -- Silver Mountain Resources ( AGMRF ) on Friday said it boosted the value of its public offering to up to $9 million from $7.5 million, with the proceeds slated for the development of the Reliquias mine, for working capital and general corporate purposes.

The units in the offering are priced at $0.11 each. If the 15% over-allotment option is fully exercised, the amount raised would increase to approximately $10.4 million. The shares closed down 5.3% yesterday in Canada at $0.09.

Each unit is comprised of one class A common share and one share purchase warrant. Each warrant is exercisable for one share at $0.135 for 48 months.

The offering is expected to close about April 24.