05:06 PM EDT, 04/16/2024 (MT Newswires) -- Silver Mountain Resources ( AGMRF ) , on Tuesday said it will raise up to C$7.5 million in a public offering of share units being sold on a best efforts basis.

The company said it is offering up to 68.2-million units in the financing, with each priced at C$0.11 and made up of a share and a four-year warrant to buy a second share for C$0.135.

The company has granted its agents an over-allotment option of up to 15% more units should demand warrant.

"The company intends to use the proceeds of the offering for the development of the Reliquias mine, and for working capital and general corporate purposes," it noted.

Silver Mountain shares closed up C$0.005 to C$0.125 on the TSX Venture Exchange.