10:27 AM EDT, 07/29/2025 (MT Newswires) -- Silver Mountain Resources ( AGMWF ) was more near 1% on Tuesday after saying it had raised $25 million in a bought deal prospectus offering of 19.23 million units at $1.30 each. This includes the full exercise of the over-allotment option of 2.5 million units at the same price.

A statement noted each Unit was comprised of one class A common share in the capital of the company and one half of one common share purchase warrant. Each Warrant entitles the holder to acquire one common share for a period of 24 months, at an exercise price of $1.70 .

Proceeds will be used to develop the Reliquia mine in central Peru. Silver Mountain plans to restart operations at the mine next year.

"The overwhelming demand in this oversubscribed public offering, including the significant investment by Eric Sprott, is a clear indication of the market's belief in the company's ability to execute on its go-forward strategy," said Chief Executive Alvaro Espinoza.

The company's shares were last seen down $0.015 at $1.265, on the TSX Venture Exchange.

Price: 1.27, Change: -0.01, Percent Change: -0.78