Canadian junior exploration company Silver Viper Minerals has announced its intention to conduct a non-brokered private placement financing to raise up to C$4m ($2.9m).

The company noted that the offering, which will be made under the Listed Issuer Financing Exemption, involves the sale of up to 40 million units at $0.10 each.

Each unit in the offering will comprise one common share and a half warrant, which collectively can be exercised to purchase an additional share at $0.15 for a period of 36 months post-issue.

The proceeds are earmarked for working capital, general corporate purposes and the final option payment on the La Virginia Project.

The company has outlined that a minimum of $2m from the offering will be allocated for working capital and other corporate expenses including the costs associated with the offering itself.

The remaining funds will support continued exploration and drilling at the La Virginia Project.

The offering is set to close in stages, with the initial tranche expected around 12 April 2024. This is contingent on meeting all necessary conditions including approvals from regulatory bodies like the TSX Venture Exchange.

Silver Viper is primarily engaged in precious metals exploration in Sonora, Mexico.

The company is currently focused on the La Virginia Gold-Silver Project, holding 100% ownership of the concessions, which were previously managed by Pan American Silver.

Silver Viper also has an option to fully acquire the Rubi-Esperanza group of claims within those concessions.