05:31 PM EDT, 10/21/2024 (MT Newswires) -- Summa Silver ( SSVRF ) after trade Monday said it will look to raise $5 million in a brokered private placement of share units.

The company said it will place up to 12.5-million units in the financing, with each priced at $0.40 per unit and made up of a share and one half of a two-year warrant to buy a second share for $0.55.

Proceeds will be used for further exploration work and general working capital purposes. The offering is set to close around Nov. 1, or on a later date decided by the company.

The company's shares closed down $0.015 to $0.43 on the TSX Venture Exchange.