05:16 PM EDT, 04/04/2024 (MT Newswires) -- Silver Viper Minerals ( VIPRF ) on Thursday said the company plans a private placement under the Listed Issuer Financing Exemption (LIFE) to raise up to C$4 million..

The company said it is offering up to 40-million units in the financing, with each priced at C$0.10 and made up of a share and one half of a three-year warrant to buy a second share for C$0.15.

The company said it plans to used the minimum net proceeds of $2 million from the offering for working capital requirements and other general corporate purposes and the final US$200,000 option payment on its La Virginia Project due in June 2024.

Any additional net proceeds from the Offering will be used to continue surface exploration including mapping and sampling as well as a drill campaign at the La Virginia Project.

Silver Viper shares closed up C$0.02 to C$0.14 on the TSX Venture Exchange.