Salazar Resources Limited TSXV:SRL announced the completion of $3 million private placement consisting of 6 million units at a price $0.50 per unit. By taking up 80% of the financing Lundin Mining TSX:LUN has earned a 15.4% interest in Salazar. Silvercorp Metals TSX:SVM also participated in the private placement to maintain their pro-rata interest of 10.7%. The proceeds of the financing will be used to fund Salazar’s exploration properties and for general working capital.
CEO Fredy Salazar commented, “Lundin Mining Corporation is world-renowned for their successes in identifying and advancing high-quality mineral development projects through to production. We look forward to working with this experienced and highly regarded group. Salazar management believes that the new interest and investment by Lundin, as well as Silvercorp’s continued investment and support is a testament to the quality and potential of the El Domo project.”
Salazar Resources Limited
by Ted Niles