11:58 AM EDT, 06/21/2024 (MT Newswires) -- Silver One Resources ( SLVRF ) said on Friday it raised $5.91 million from a private placement of share units.

The company placed 21.1-million units in the financing, with each priced at $0.28.and made up of a share and one-half of a three-year warrant to buy a second share for $0.40

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.

Silver One's shares were last seen down $0.01 to $0.27 on the TSX Venture Exchange.

Price: 0.27, Change: -0.01, Percent Change: -3.57