Prospero Silver Corp (TSX:PSL) told investors it had closed a placing, bringing in C$517,479 and plans to raise around C$495,000 in a second tranche, as it updated on exploration plans.
"With the closing of our private placement and the Fortuna warrant exercise, we will have received close to C$1.9mln in cash to continue first-pass drilling of three of our projects and other value added work to our existing project portfolio, and on-going marketing of the company, Bill Murray, Prospero chairman said.
"We've got a busy drill schedule planned with Fortuna for 2018 and I'm looking forward to reporting on our drill results from Buenavista later this summer."
For the $517,479, Prospero issued over 5.7mln units at $0.09 each. Each unit consisted of one share, and one-half of a share purchase warrant.
Fortuna Silver Mines Inc has also now exercised warrants to acquire over 5.35mln shares, from which Prospero received C$803,571.
Notably, Prospero has now authorised its drill contractor, Intercore, to mobilise to the Buenavista project in northern Durango state in Mexico.
This is expected to take between two and three days.
As reported last month, at Buenavista, two main zones of alteration and mineralisation have been identified: the Buenavista vein and the El Pajaro vein.
The high level argillic alteration, and the stratigraphic position of the mineralisation suggests the presence of a preserved epithermal system at depth.