Silver Tiger raises C$40m for Mexico project development
TSX-V-listed Silver Tiger Metals has announced a C$40-million bought deal financing to advance exploration and development at its El Tigre silver and gold project in Sonora, Mexico.
The company entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Stifel Nicolaus Canada, which will purchase 54.8-million common shares at C$0.73 a share. The underwriters have also been granted a 30-day option to acquire up to an additional 15% of the offering to cover overallotments.
The financing is expected to close on or about November 26, subject to regulatory approvals. Proceeds will be directed towards exploration, development and general corporate purposes.
Silver Tiger’s El Tigre project covers 28 414 ha in Mexico’s historic El Tigre mining district. A 2024 prefeasibility study for the openpit operation outlined an after-tax net present value of $222-million, an internal rate of return of 40%, and a two-year payback period, based on a ten-year mine life and initial capital of $86.8-million.
The operation is projected to produce at all-in sustaining costs of $1 214/oz gold equivalent ($14/oz silver equivalent), with project economics modelled at $26/oz silver and $2 150/oz gold.
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