Capitan Silver raises $6.6 million from exercised warrants
Capitan Silver Corp. [CAPT-TSXV] has announced that 13.2 million share purchase warrants with an exercise price of 50 cents have been fully exercised, generating $6.6 million in cash.
The warrants were issued as part of a previously completed financing in February, 2025 that was led by the Jupiter Silver & Gold Fund, which saw Capitan raise $5.3 million. The warrants issued in this transaction were subject to an acceleration clause. In compliance with the terms of the warrants Capitan issued an acceleration notice to warrant holders following the June 9, 2025 announcement of a signed letter of intent to acquire a strategic land package consolidating its Cruz de Plata silver-gold project in Durango Mexico, and the company’s closing share price of 93 cents on the Toronto Venture Exchange on June 12, 2025.
On Friday, Capitan shares were unchanged at 99 cents and trade in a 52-week range of $1.19 and 12.5 cents.
In its latest press release Capitan said its top three shareholders accounted for over 78% of the warrants. It also said it has zero warrants outstanding and is fully funded for 2025.
Capitan previously said it intended to use net proceeds of the private placement to fund exploration activities at its Cruz de Plata project and for additional consolidation opportunities as well as for working capital and general corporate expenses.
The Cruz de Plata project includes an oxide gold prospect (referred to as El Capitan) and two historic silver mines (Jesus Maria and San Rafael) located in the historic Penoles Mining District.
Cruz de Plata has an established inferred resource of 305,000 ounces of gold at 0.46 g/t, and 15 million ounces of silver at 62 g/t.
To date, several zones have been identified within a 2.5-kilometre mineralized trend at the Cruz de Plata project, through prospecting, mapping, geophysics, trenching and drilling. The company said the Jesus Maria (JM) Silver Zone is currently the most advanced target, where surface trenching and drilling has confirmed mineralization over a strike length of 1,300 metres and to a depth of 200 metres below surface. The JM zone remains open along strike to the southwest, northeast and down-dip to the south.
Capitan recently said it has revised its interpretation of mineralized structures at Cruz de Plata based on surface and drill data available to date. The company said significant scale has been identified in several structures which are prospective for future gold and silver discoveries.
Aside from Jesus Maria, key structures identified include Santa Teresa, which features high-grade silver polymetallic mineralization on surface with a potential strike length of 1.8 kilometres. San Rafael North also features high-grade silver mineralization on surface with a potential strike length of 1.3 kilometres.