Mithril Silver and Gold Limited (ASX: MTH) has announced it will raise up to C$11.5 million through a private placement to accelerate exploration at its Copalquin district project in Mexico. Mithril Silver and Gold is an Australian and Canadian listed precious metals exploration company, focused on its Copalquin district project, in Mexico’s Sierra Madre Gold Silver Trend. The company received strong demand from new and existing Australian, North American, and overseas institutional investors.
The placement will involve the issue of 27,778,000 common shares at a price of C$0.36 per share, raising C$10,000,080. Agents have been granted an option to offer an additional 4,166,700 shares, potentially raising an additional C$1,500,012. The maximum number of shares to be issued under the placement and exercise of the Agents Option is 31,944,700, to raise up to a total of C$11.5M. The issue price represents an approximate 8% discount to the Shares’ last closing price on July 8, 2025.
The net proceeds from the placement will be used to accelerate exploration and drilling activity at the Copalquin district project in Durango State, Mexico, as well as for working capital and general corporate purposes. The company will pay the agents a fee of 6.0% of the gross proceeds of the placement plus applicable taxes in cash, and issue compensation options equal to 6.0% of the aggregate number of shares issued under the placement.
The placement is scheduled to close on July 24, 2025, subject to regulatory approvals. Mithril’s Managing Director and CEO, John Skeet, stated the capital raising will position the company to accelerate exploration across the Copalquin property, with plans for a third drill rig by late 2025.
