Zacatecas Silver Corp. has closed the first tranche of its private placement financing, raising $2,306,960 by issuing 38,449,335 units at $0.06 per unit. Each unit includes a common share and a warrant exercisable at $0.10 per share for two years. The company paid finders fees of $113,297.19 and issued finders share purchase warrants. The funds will be used for drilling on the Zacatecas Silver Project, among other initiatives. CEO Eric Vanderleeuw subscribed for 500,000 units for $30,000. The company’s projects include the Esperanza Gold Project and the Zacatecas Silver Project, both in Mexico.

Esperanza Gold Project has a Mineral Resource Estimate of 30.5 million tonnes at 0.97 g/t AuEq for 956 thousand ounces AuEq. The Zacatecas Silver Project has a Mineral Resource Estimate at the Panuco Deposit consisting of 2.7 million tonnes at 187 grams per tonne (g/t) silver equivalent. The property is located in the Fresnillo silver belt and shares boundaries with other mining claims. The company cautions that forward-looking statements are uncertain and subject to various factors beyond their control. The TSX Venture Exchange has yet to accept the offering.

Read more at GlobeNewswire: Zacatecas Silver Closes First Tranche of Private Placement