AbraSilver Resource Corp. (ABBRF)

[ThSeeker]

AbraPlata Closes $2.0 Million Non-Brokered Private Placement

(TheNewswire)




Toronto – TheNewswire - May 14, 2020: AbraPlata Resource Corp. (TSXV:ABRA) (OTC:ABBRF) ("AbraPlata" or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Placement”). In connection with the closing of the Placement, the Company issued 25,000,000 units (each, a “Unit”) at a price of $0.08 per Unit for gross proceeds of $2,000,000. Each Unit will consist of one common share in the equity of the Company (each, a "Common Share") and one share purchase warrant (each, a "Warrant"). Each Warrant will entitle the subscriber to purchase one additional Common Share at a price of $0.15 until the third (3rd) anniversary of the closing date of the Offering (the "Expiry Date"). Notwithstanding the foregoing, the Expiry Date of the Warrants will be accelerated if, for any ten (10) consecutive trading days on the TSX Venture Exchange during the unexpired term of the Warrant (the "Premium Trading Days"), the closing price of the Common Shares equals or exceeds $0.30.

The proceeds of the Placement will be used to resume a diamond drilling program at the Diablillos Silver-Gold project and for general working capital purposes. In connection with the completion of the Placement, the Company paid aggregate finders’ fees of $56,940 to Haywood Securities Inc. and Canaccord Genuity Corp.