Prospero Silver Corp (CVE: PSL) is poised to raise up to C$1mln via a placing to advance exploration in Mexico and for working capital.
"Prospero's plan for the coming field season is to continue value-added work to our existing project portfolio, and to finalize arrangements to acquire more projects," said William Murray, chairman at Prospero.
Murray said the 'first-pass' drilling of three projects in 2017 with strategic partner Fortuna Silver had essentially validated president Tawn Albinson's exploration strategy for epithermal systems.
"Pachuca SE, for example, was totally blind at surface, and yet all three holes have identified extensive mineralized structures," he said.
"We now look forward to the continuation of this rapid assessment exploration approach on three other projects, namely Buenavista; Trias and Bermudez.
"This private placement is an important first step toward raising what we hope will be sufficient funding for roughly 6,000m of core drilling during 2018."
The company will issue up to 11.1mln units at C$0.09 each for gross proceeds of up to C$1mln.
Each unit consists of one share and one-half of a non-transferable share purchase warrant, which is exercisable for two years.
Each warrant entitles the bearer to buy a further share for C$0.16 each.