Selwyn closes third tranche of special warrant financing, raises $12.7m

Canada-based Selwyn Resources (CVE:SWN), a base metals explorer, said on Wednesday that it has closed its special warrant financing of $12.7 million, having completed the third tranche of its offering.
The mineral explorer managed to raise an extra C$0.9 million from the sale of 3.9 million special warrants. With the closing of its third tranche, Selwyn raised a total of C$12.7 million.
Each special warrant will be exercisable into one common share and one half of one common share purchase warrant. Each whole warrant endows the holder the right to purchase one common share at $0.40 cents for a period of 24 months after the closing date of the offering.
On May 27, the company closed the first part of the special warrant offering, first announced in late March, with the second tranche closing just days later.
Selwyn reported last week that it had completed its $10 million acquisition of ScoZinc, which owns the Scotia lead-zinc mine in Nova Scotia.
The acquisition of the Scotia Mine will provide Selwyn with an opportunity for growing the company, expanding its management team, and providing cash flow to fund the development of its Selwyn project in the Yukon, the company said.