/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
TORONTO, Feb. 12,
2025 /CNW/ - AbraSilver Resource Corp. (TSXV:
ABRA) ("AbraSilver" or the "Company") is pleased to
announce the successful closing of its previously announced private
placement (the "Offering") of 11,193,565 common shares of
the Company (the "Common Shares") at a price of $2.55 per Common Share (the "Issue Price")
for aggregate gross proceeds of $28,543,591. This marks the completion of a total
of approximately $58.5 million in
recent financings, including the previously announced $30 million public offering of Common
Shares.
In connection with the Offering, the Company issued 10,094,697
Common Shares to an affiliate of Central Puerto S.A. ("Central
Puerto") and 1,098,868 Common Shares to Kinross Gold
Corporation, upon the exercise of certain participation rights held
by such persons. In connection with the Offering, the Company has
also agreed to pay an arm's length finder a cash commission of up
to 3.0% of the proceeds raised from Central Puerto. The Common
Shares sold pursuant to the Offering are subject to a hold period
of four months plus one day from the closing date of the
Offering.
John Miniotis, President and CEO,
commented "The completion of our financings significantly
strengthen our balance sheet and allow us to accelerate the
advancement of our flagship Diablillos silver-gold project. The
strong support from key strategic investors, including Central
Puerto and Kinross, as well as
participation from institutional investors, underscores the high
level of confidence in our project's potential. With $58.5 million now secured, we are extremely
well-positioned to accelerate exploration, optimize our development
plans, and unlock further value for all our shareholders."
The net proceeds from the Offering are expected to be used to
fund the continued advancement of the 100%-owned Diablillos
silver-gold project in the Salta province of Argentina, as well as for general corporate
purposes.
This press release is not an offer to sell or the
solicitation of an offer to buy the securities in the United States or in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
qualification or registration under the securities laws of such
jurisdiction. The securities being offered have not been, nor will
they be, registered under the U.S. Securities Act, and such
securities may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable
exemption from U.S. registration requirements and applicable U.S.
state securities laws.
About AbraSilver
AbraSilver is an advanced-stage exploration company focused on
rapidly advancing its 100%-owned Diablillos silver-gold project in
the mining-friendly Salta and Catamarca provinces of Argentina. The current Proven and Probable
Mineral Reserve estimate for Diablillos, consists of 42.3 Mt
grading 91 g/t Ag and 0.81 g/t Au, containing approximately 124 Moz
silver and 1.1 Moz gold, with significant further exploration
upside potential. In addition, the Company has entered into an
earn-in option and joint venture agreement with Teck on the La
Coipita project, located in the San Juan province of Argentina. AbraSilver is listed on the TSX-V
under the symbol "ABRA" and in the U.S. on the OTCQX under the
symbol "ABBRF."
For further information please visit the AbraSilver Resource
website at www.abrasilver.com, our LinkedIn page at AbraSilver
Resource Corp., and follow us on X at www.x.com/abrasilver.
Cautionary Note Regarding Forward-Looking
Information
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation, including in
respect of the Offering and the use of net proceeds thereof.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. All statements that address future
plans, activities, events or developments that the Company
believes, expects or anticipates will or may occur are
forward-looking information. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. When considering this forward-looking
information, readers should keep in mind the risk factors and other
cautionary statements in the Company's disclosure documents filed
with the applicable Canadian securities regulatory authorities on
SEDAR+ at www.sedarplus.ca. The risk factors and other factors
noted in the disclosure documents could cause actual events or
results to differ materially from those described in any
forward-looking information. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE AbraSilver Resource Corp.
