First Andes Silver Closed First Tranche of Private Placement

Core Viewpoint - First Andes Silver Ltd. has successfully closed the first tranche of its non-brokered private placement financing, raising gross proceeds of $1,017,000 by issuing 10,170,000 units at a price of $0.10 CAD per unit [1][4]. Group 1: Financing Details - Each unit consists of one common share and one-half of a share purchase warrant, with each whole warrant exercisable at $0.15 CAD per share for two years [2]. - The securities issued are subject to a four-month resale restriction, and the company paid a finder's fee of $42,350 along with 423,500 share purchase warrants [3]. - The second tranche of the offering is expected to close within seven days, pending acceptance from the TSX Venture Exchange [4]. Group 2: Use of Proceeds - Proceeds from the first tranche will be utilized to expand the current drill program at the Santas Gloria silver property and for general working capital [4]. Group 3: Company Overview - First Andes Silver Ltd. holds a 100% interest in the Santas Gloria silver property, located 55 km east of Lima, Peru, which features established road access and is situated in a known mining district [5]. - The property hosts over 12 km of multiphase veins that had not been historically drilled or explored using modern techniques prior to 2024 [5]. - The company's maiden diamond drill program reported high-grade silver across all drilled vein systems, confirming the silver endowment and necessitating high-priority follow-up drilling in 2025 [5].