A private placement of 316,305 units at $25.50 each will net Sutton Resources (VSE) about $8.1 million.
Each unit includes a share, plus a 2-year purchase warrant exercisable at $25.50 in the first year and $30 per share in the second.
The funds will be added to working capital.
Results show tin project viable
Recovery test results indicate the Potosi tailings project in Bolivia is “technically viable.”
The project is under option to St. Genevieve Resources (TSE) and equal partner Gerardo Avilia from the government-owned Corporacion Minera de Bolivia.
More than 6 million tons of tailings are available, with drill-indicated reserves of 3.5 million tons averaging 0.87% tin, 0.29% copper and 3.18 oz. silver per ton. Test results indicate a tin recovery rate of 55%. A feasibility study is scheduled to start this month.
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