Silver Mines Limited (ASX:SVL) has announced it will raise $33 million through a placement and share purchase plan (SPP). Silver Mines is an Australian company focused on the exploration and development of high-quality silver projects. Its primary asset is the Bowdens Silver Project in New South Wales.
The company successfully completed a placement of $30 million (before costs) to institutional and sophisticated investors. The placement was well-supported, with demand exceeding the funds raised. In addition to the placement, Silver Mines will conduct an SPP to raise up to $3 million (before costs), offering eligible shareholders the opportunity to participate in the capital raising at the same price as the placement.
The funds raised will be used primarily to advance the Bowdens Silver Project through development consent approvals and engineering studies. A portion will also be used for ongoing community and freehold property purchases, continued exploration at the Calico North and Kramer Hills Projects in the United States, exploration of the Bara Creek Prospect and Tuena Project in New South Wales, business development opportunities, and general working capital.
The placement was priced at $0.12 per share, representing a 16.3% discount to the 5-day volume-weighted average trading price up to July 31, 2025, and a 7.7% discount to the last trading price of $0.13. The SPP will be offered to eligible shareholders with a registered address in Australia or New Zealand as of August 4, 2025, allowing them to apply for up to $30,000 of SPP shares without incurring brokerage fees.
