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Americas Gold and Silver (TSX: USA) (NYSE American: USAS) has upsized its previously announced private placement of subscription receipts to C$45 million. The company will now issue 112,500,000 Subscription Receipts at C$0.40 per receipt. An additional option to purchase up to 12,500,000 Subscription Receipts could increase the total gross proceeds to C$50 million.
The proceeds will be used for growth initiatives at the Galena Complex, payment of cash consideration to Sprott, repayment of existing debt, and working capital. The offering is expected to close around October 30, 2024, subject to regulatory approvals. Each Subscription Receipt will entitle the holder to one common share of Americas upon satisfaction of certain conditions related to the acquisition of the remaining 40% interest in the Galena Complex.
Americas Gold and Silver has announced a binding agreement to acquire the remaining 40% interest in the Galena Complex in Idaho, USA, consolidating the current joint venture. Key highlights include:
1. Paul Andre Huet will be appointed Chairman and CEO upon closing.
2. A bought deal private placement financing of subscription receipts to raise C$40 million at C$0.40 per receipt.
3. Advanced discussions for debt refinancing to restructure the company's balance sheet.
4. Consolidation of Galena, a major silver mine in North America.
5. Eric Sprott to become the largest shareholder.
6. Enhanced leverage to silver, with 80% of revenue expected from silver by H2 2025.
The transaction is subject to shareholder and regulatory approvals, with closing expected by the end of the year.
