Summa Silver Corp. announced a non-brokered private placement of 6,666,667 units at a price of CAD 0.90 per unit for gross proceeds of up to CAD 6,000,000 on January 21, 2022. Each unit will be comprised of one common share of the company and one-half of one common share purchase warrant. Each warrant shall be exercisable to acquire one common share at a price of CAD 1.20 per warrant share for a period of 36 months from the closing of the offering. The company has granted the agents to sell up to an additional 15% of the units, up to 48 hours prior to the closing date. The closing of the transaction is expected to occur on or about February 10, 2022 and is subject to certain customary conditions including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. All the securities will subject to a hold period of four-month.

On the same day the company announced that it has amended the terms of the transaction. The company will now issue 11,111,111 units for gross proceeds of up to CAD 10,000,000.The transaction is expected to include participation from Eric Sprott and First Majestic Silver Corp.