07:43 AM EDT, 06/21/2024 (MT Newswires) -- Silver One Resources ( SLVRF ) said on Friday that it raised nearly $6 million in a private placement of about 21 million units priced at $0.28 apiece.

The company said it will use the proceeds to drill high-grade silver targets and conduct geophysical work and sampling at the Phoenix silver project in Arizona. Silver One will also use the funds to advance ongoing metallurgical work at the Candelaria project in Nevada and for general working capital.

Under the offering, each unit includes one share and one-half of a warrant. Each whole warrant is exercisable at $0.40 per share for three years.

Silver One's share price rose 3.7% yesterday to $0.28.