Silver One Announces Closing of First Tranche for $31 Million

Core Viewpoint - Silver One Resources Inc. has successfully closed the first tranche of its non-brokered private placement financing, raising a total of $31,078,140 through the issuance of 53,583,000 units at a price of $0.58 per unit, with a final tranche of $922,200 expected to close shortly [1][2]. Financing Details - The offering received strong support, with Eric Sprott subscribing approximately $10 million, increasing his ownership to about 16.0% of the issued shares [2][7]. - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of an additional share at $0.80 for three years [4]. - The company paid a finder's fee of $1,779,464 for the offering, with no finder's warrants issued [5]. Use of Proceeds - The net proceeds from the offering will be allocated to various initiatives, including: - Drilling programs at the Candelaria Project - Exploration and geophysics work at mineral properties - Metallurgical and environmental studies at Candelaria - Preparation of a pre-feasibility study for Candelaria - Annual mineral claim payments - General working capital [6]. Company Overview - Silver One is focused on exploring and developing quality silver projects, holding a 100% interest in the Candelaria Mine in Nevada, which has potential for near-term production through reprocessing historic leach pads [11]. - The company has staked 636 lode claims and entered a Lease/Purchase Agreement for five patented claims on its Cherokee project, which hosts multiple silver-copper-gold vein systems [12]. - Additionally, Silver One owns a 100% interest in the Silver Phoenix Project, a high-grade native silver prospect located in the Arizona Silver Belt [13].