Americas Gold and Silver is a precious metals mining company. Credit: Roman Bodnarchuk via Shutterstock.com.

Precious metals mining company Americas Gold and Silver has announced an amendment to its agreement with Eight Capital, resulting in an upsized private placement offering.

The company will now issue up to 25 million units at C$0.30 each, to garner up to C$7.5m ($5.5m).

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The move aims to raise additional funds for the company’s operational needs.

The two companies also reached an agreement, under which Eight Capital will have the option to sell a further one million units, potentially raising up to C$300,000.

Each unit issued will comprise one common share of Americas Gold and Silver and one common share purchase warrant.

Each warrant will grant the holder the right to purchase one common share of Americas Gold and Silver at an exercise price of C$0.40 per warrant share, valid for 36 months after the offering’s closure.

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The net proceeds from this offering are designated for working capital needs at the company’s Cosalá Operations and Galena Complex.

These funds will facilitate the transition to increased silver-copper ore production at Americas Gold and Silver’s operations in the US and Mexico, in addition to covering general and administrative requirements.

The offering is expected to close around 27 March 2024, subject to the fulfilment of certain conditions.

Americas Gold and Silver holds multiple assets in North America. It owns and operates the Cosalá Operations in Sinaloa, Mexico, manages the 60%-owned Galena Complex in Idaho and is also re-evaluating the Relief Canyon mine in Nevada, US.

It also owns the San Felipe development project in Sonora, Mexico.