VANCOUVER, BC, Dec. 14, 2022 /CNW/ - Regency Silver Corp. ("Regency Silver" or the "Company") (TSXV: RSMX) (OTCQB: RSMXF) is pleased to announce that it has arranged, subject to regulatory approval, a private placement of 10,000,000 common shares at a price of $0.20 per share for net proceeds of CAD$2,000,000. Closing of the non-brokered private placement is anticipated to take place on or before December 16.
There are no commissions or finders fees payable.
The proceeds will be used for work programs on the properties of Regency Silver including drilling and geophysics in early 2023 on our flagship Dios Padre property, for property payments on other properties of the Company and for general working capital.
Regency anticipates drilling a minimum 2,500 metres as an initial follow up to the successful drilling program completed in August, 2022. Regency's first drill program, post IPO, included hole REG-22-01 which yielded an intercept of 4.7 g/t gold, 0.67% copper and 23 g/t silver over 53.8 metres, and included 35.8 metres of 6.84 g/t gold, 0.88% copper and 21.82 g/t silver, starting at 420 m depth down hole along with 13.97 g/t gold, 50.25 g/t silver and 1.11 % copper over 9.8 metres starting at 460.5m down hole. Drilling will focus on expanding this intersection both up and down dip as well as along strike to the east and west as the intersected mineralization is unconstrained in all directions.
The drill program is scheduled to commence in early January 2023. An additional Induced Polarization survey is also planned for early 2023.
For further details about Regency Silver please visit the Company's website at www.Regency-Silver.com.
The technical information contained in this news release has been reviewed by Company director Michael Tucker, P.Geo, who is recognized as a Qualified Person under the guidelines of National Instrument 43-101. Mr. Tucker is a director of the Company and for that reason is not considered independent. Mr. Tucker has read and approved the technical contents of this news release.
Neither the 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.
Regency Silver is a gold-copper-silver exploration company focused on the Americas. Regency Silver is led by a team of experienced professionals with expertise in both exploration and production. Regency Silver's flagship project is the Dios Padre gold-copper-silver project in Sonora, Mexico.
