Summa Silver Corp. (CNSX:SSVR) announced a non-brokered private placement of up to 8,000,000 units at a price of CAD 1 per unit for gross proceeds of up to CAD 8,000,000 on July 21, 2020. The transaction was led by Eric Sprott for CAD 5,000,000. Each unit will consists of one common share and one half of one common share purchase warrant. Each warrant is excisable at a price of CAD 1.75 for a period of 24 months from the closing of the transaction. The company can accelerate the expiry date if the price of per common share is equal to or greater of CAD 3 for a period of ten consecutive trading days. The securities issued are subject to a hold period of four months under applicable Canadian securities laws. The transaction is subject to regulatory approvals. The company may pay finder's fees commensurate with regulatory policies on a portion of the private placement of up to 6% in cash and 6% in finder's warrants exercisable for one common share at a strike price of CAD 1 for two year. Eventus Capital Corp has been appointed as a finder in the transaction.