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Mantaro Precious Metals ( (TSE:FAS) ) has shared an update.
First Andes Silver has closed an oversubscribed private placement, raising approximately C$2.0 million through the issuance of 16.7 million common shares at C$0.12, with no Canadian hold period under the listed issuer financing exemption. The company also paid cash finder’s fees and issued finder’s warrants, while Executive Chairman Ian Stalker participated as a related party, though his subscription remained below thresholds that would trigger additional minority protection requirements.
Net proceeds will fund an expanded Q2 2026 drilling program and broader exploration at the Santas Gloria Property in Peru, along with mineral claim payments and general working capital. The financing strengthens First Andes Silver’s ability to advance systematic, project-wide exploration following promising 2024–2025 drilling results, potentially enhancing the project’s development trajectory and the company’s positioning in the silver exploration space.
More about Mantaro Precious Metals
First Andes Silver Ltd. is a British Columbia-based mineral exploration company focused on the high-grade Santas Gloria silver property, located 55 km east of Lima in a major Peruvian mining district. The project lies within an intermediate-sulphidation epithermal belt, hosts over 12 km of multiphase veins, and recent diamond drilling has confirmed strong near-surface silver mineralization across multiple vein systems.
Average Trading Volume: 435,576
Technical Sentiment Signal: Buy
Current Market Cap: C$10.89M
Learn more about FAS stock on TipRanks’ Stock Analysis page.