Silver Tiger arranges $18 million bought deal CanadiansInvest
-OTCQX] has arranged an $18 million bought deal financing with proceeds earmarked for its El Tigre project in Sonora, Mexico.
Details of the bought deal financing were announced after the close of trading on February 7, 2023, when Silver Tiger shares closed at 34.5 cents. The shares are currently trading in a 52-week range of 73 cents and 18 cents.The El Tigre district lies at the northern end of the Sierra Madre silver and gold belt, which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at the northern end.
After acquiring El Tigre, Silver Tiger drilled 12,500 metres to define the wide halo of near surface gold mineralization around the mined high-grade veins of the historic El Tigre Mine. This enabled the company to deliver a maiden resource estimate for the property to a depth of 150 metres of 661,000 gold equivalent ounces at 0.77 g/t in the indicated category and an inferred resource of 341,000 AuEq ounces at 1.59 g/t. The estimate is compliant with NI 43-101 standards are disclosure.
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