Capitan Silver Corp. (TSXV: CAPT) has announced a C$20 million bought deal private placement, with Stifel Canada acting as sole bookrunner and lead underwriter alongside a syndicate of underwriters. The offering consists of 9,855,000 common shares priced at C$2.03 per share, for aggregate gross proceeds of approximately C$20.0 million.
The company has also granted the underwriters an option to purchase up to an additional 1,478,250 common shares at the same price and on the same terms. This option may be exercised in whole or in part up to 48 hours prior to the closing of the financing, potentially increasing the overall raise if demand supports it.
Capitan expects the offering to close on or about December 17, 2025, subject to customary conditions and approvals, including acceptance by the TSX Venture Exchange. A cash commission equal to 6 per cent of the gross proceeds will be paid to the underwriters.
What the proceeds will support
Net proceeds are expected to fund exploration activities at the company’s Cruz de Plata gold-silver project in Durango, Mexico, along with working capital and general corporate purposes. For Canadian Jeweller readers tracking the upstream story behind precious metals supply, this type of financing is an important signal of momentum. While exploration capital does not equate to immediate new production, it can mark a meaningful step toward building future silver and gold pipelines that may influence long-term market confidence.
A closer look at the structure
The financing is being completed under the Listed Issuer Financing Exemption, part of National Instrument 45-106. As a result, shares issued under this exemption are not expected to be subject to a statutory hold period under applicable Canadian securities laws. The offering will be available to purchasers across Canadian provinces except Quebec, and may also be offered in the United States and other international jurisdictions through applicable private placement exemptions.
Why this matters to the jewellery trade
Although this announcement is firmly a capital markets update, it intersects with the jewellery supply conversation in three key ways. First, investment into exploration supports the broader health of the precious metals ecosystem that jewellery depends on. Second, the scale of the raise suggests confidence in the project’s exploration potential. Third, sustained advancement of gold-silver assets can become part of the longer-term narrative around sourcing, pricing stability, and responsible growth.
