Stocks & Investing
Stocks and Investing
Stocks and Investing
Fri, February 24, 2012
Thu, February 23, 2012 Netco Silver Announces Increase in Size of Private Placement Financing
February 23, 2012 17:44 ET
Netco Silver Announces Increase in Size of Private Placement Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2012) -NETCO SILVER INC. (TSX VENTURE:NEI) ("Netco" or the "Company") today announces an increase in the size of the private placement financing (the "Financing") it previously announced by news release dated February 3, 2012.
Due to demand, the Company has increased the size of the offering from 5,000,000 units to 6,300,000 units at a price of $0.125 per unit for gross proceeds of up to $787,500. Unit terms remain the same, with each unit consisting of one common share of the Company and one half of one common share purchase warrant, and each warrant entitling the holder to purchase an additional common share at $0.22 per share for a period of 24 months from the closing of the financing. The warrants will contain a provision providing that if the Company's common shares trade at a closing price in excess of $0.30 on the TSX Venture Exchange (the "Exchange") (or such other exchange on which the Company's shares are then principally traded) for a period of 10 consecutive trading days, the Company may issue a notice accelerating the expiry date to 30 days from the date of such notice.
Proceeds of the financing will be used to fund exploration work commitments on the Company's properties and for general working capital requirements. As previously announced, finders' fees consisting of cash and/or securities may be payable in connection with the financing, in accordance with the policies of the Exchange.
All securities issued in connection with the financing will be subject to a four-month hold period in accordance with applicable Canadian securities laws. Closing of the financing will be subject to the approval of the Exchange.
Netco is a publicly traded exploration company focused on the discovery and development of high-value precious metals deposits in the Americas. The Toruel Property, covering 5,736 hectares, is located about 25 kilometers southeast of the village of Los Menucos, Rio Negro Province, Argentina, and is prospective for silver. The Company has the option to acquire up to 75% of the property.
NETCO SILVER INC.
Colin Bowkett, Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
