Kootenay Announces Increase to Equity Financing and Pan American Silver's Intention to Exercise Participation Right

Kootenay Silver (TSXV:KTN) announced that, in connection with its previously announced private placement offering of units at a price of $0.40per Unit, it has amended its agreement with Haywood Securities Inc. to increase the amount of the Offering from 10,000,000 Units to up to 11,250,000 Units for aggregate gross proceeds of up to $4,500,000.
In addition, the Company is pleased to announce that Pan American Siver Corp. (TSX:PAA, NASDAQ:PAAS) has indicated it intends to exercise its participation right in full to maintain its pro-rata 10% interest in the Company. As a result, Pan American will subscribe for up to an additional 1,250,000 Units at the Offering Price for aggregate gross proceeds of up to $500,000.
The net proceeds of the Offering will be used to fund the exploration and development of the Company’s La Cigarra project in Mexico and for general working capital purposes.
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