Blackrock Silver Announces $9 Million Bought Deal Public Offering of Units, Led by Investment from Eric Sprott

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VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- Blackrock Silver Corp. (TSXV:BRC) ("Blackrock" or the "Company") is pleased to announce that it has entered into an agreement with Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 28,125,000 units of the Company (the “Units”) at a price of $0.32 per Unit for aggregate gross proceeds to the Company of $9,000,000 (the "Offering"). Mr. Eric Sprott, through 2176423 Ontario Ltd., has indicated his intention to participate in the transaction.

Each Unit shall be comprised of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.48 per Common Share for a period of 24 months following closing of the Offering.

The net proceeds from the Offering will be used for exploration, resource expansion and conversion drilling, working capital and general corporate purposes.

The Company has granted to the Underwriters an option (the “Over-Allotment Option”) to increase the size of the Offering by up to an additional number of Units, and/or the components thereof, that in aggregate would be equal to 15% of the total number of Units to be issued under the Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time and from time to time up to 30 days following the closing of the Offering.

The closing of the Offering is expected to occur on or about May 29, 2024 (the “Closing”), or such other earlier or later date as the Underwriters may determine. Closing is subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the “Exchange”) to list, on the date of Closing, the Common Shares, and the Common Shares issuable upon exercise of the Warrants and the Underwriters’ broker warrants, on the Exchange

In connection with the Offering, the Company intends to file a prospectus supplement (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated August 4, 2023 (the “Shelf Prospectus”) with the securities regulatory authorities in each of the provinces and territories of Canada (except Quebec). Copies of the Shelf Prospectus and the Prospectus Supplement to be filed in connection with the Offering, will be available on SEDAR+ at www.sedarplus.ca. The Shelf Prospectus and the Prospectus Supplement will contain, important detailed information about the Company and the Offering. Prospective investors should read the Prospectus Supplement and accompanying Shelf Prospectus and the other documents the Company has filed on SEDAR+ at www.sedarplus.ca before making an investment decision.