First Andes Silver Closes Oversubscribed $2 Million Private Placement Financing

Rhea-AI Summary

First Andes Silver (OTC: MSLVF) closed an oversubscribed private placement on February 13, 2026, issuing 16,708,331 common shares at C$0.12 each for aggregate gross proceeds of C$2,004,999.72.

Proceeds will fund an augmented Q2 2026 drilling program and exploration at the Santas Gloria property, annual Peru claim payments, and general working capital. Finders received C$120,790 cash and 1,001,583 warrants exercisable at C$0.12 for two years.

Positive

• Gross proceeds of C$2,004,999.72
• Issued 16,708,331 common shares at C$0.12
• Management participation: Executive Chairman invested C$125,000
• Allocated proceeds to augmented Q2 2026 drilling at Santas Gloria

Negative

• Paid C$120,790 cash in finder fees
• Issued 1,001,583 finder warrants exercisable at C$0.12 for two years

Vancouver, British Columbia--(Newsfile Corp. - February 13, 2026) - FIRST ANDES SILVER LTD. (TSXV: FAS) (OTC Pink: MSLVF) (FSE: 9TZ0) ("First Andes" or the "Company") today announced that it has closed its previously announced private placement financing (the "Offering", see news release dated January 21, 2026). The Company has increased the size of the Offering and issued a total of 16,708,331 common shares (the "Common Shares") at a price of C$0.12 per Common Share for aggregate gross proceeds of C$2,004,999.72 under the Offering.

The Common Shares issued under the Offering are not subject to a hold period in Canada as the Common Shares were offered pursuant to the listed issuer financing exemption under Section 5A.2 of National Instrument 45-106 — Prospectus Exemptions, as amended by Coordinate Blanket Order 45-935 — Exemptions from Certain Conditions of the Listed Issuer Financing Exemption.

In connection with the Offering, the Company paid finders a fee in cash totaling C$120,790 and issued a total of 1,001,583 share purchase warrants (the "Finder's Warrants") as permitted under the rules of the TSX Venture Exchange. Each Finder's Warrant will be exercisable at a price of C$0.12 per share for a period of two years from the date of issue.

The net proceeds of the offering will be used on: (i) an augmented Q2 2026 drilling program at the Santas Gloria Property; (ii) exploration work the Santas Gloria Property; (iii) annual mineral claim payments in Peru; and (iv) general working capital purposes.

Ian Stalker, the Company's Executive Chairman and a director of the Company, subscribed for 1,041,667 Common Shares, contributing $125,000 to the Offering. This participation constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). However, the Company expects to be exempt from formal valuation and minority shareholder approval requirements under Sections 5.5(a) and 5.7(a) of MI 61-101, as his participation does not exceed 25% of the Company's market capitalization.

About First Andes Silver Ltd.

First Andes Silver Ltd. is a British Columbia company that holds a 100% interest in the high-grade Santas Gloria silver property, located in a major mining district 55 km east of Lima, Peru. Santas Gloria has excellent established road access, is situated within a well-known intermediate-sulphidation epithermal belt, and hosts over 12 km of multiphase veins mapped at surface that had never been historically drilled or explored by modern techniques prior to 2024. In only two phases of diamond drilling (2024-2025), First Andes has reported strong near-surface epithermal silver intercepts in 21 of 26 drill holes, confirming silver mineralization across multiple vein systems and supporting systematic, project-wide exploration and follow-up drilling in 2026.

For more information please contact:
Colin Smith, CEO & Director
Phone: 604 806-0626 (ext. 108)
E-mail: info@firstandes.com

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history, ability to obtain sufficient financing to carry out its exploration programs and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283816

FAQ

How much did First Andes Silver (MSLVF) raise in the February 13, 2026 private placement?

The company raised C$2,004,999.72 through the private placement. According to the company, 16,708,331 common shares were issued at C$0.12 per share to reach the aggregate gross proceeds.

What will First Andes Silver (MSLVF) use the C$2.005 million proceeds for?

Proceeds will fund an augmented Q2 2026 drilling program and exploration at Santas Gloria. According to the company, funds also cover Peru claim payments and general working capital.

Did any insiders participate in the First Andes Silver (MSLVF) financing on February 13, 2026?

Yes, the Executive Chairman subscribed for 1,041,667 shares, contributing C$125,000. According to the company, his participation is a related party transaction but falls under MI 61-101 exemptions.

What are the terms of the finder warrants issued in the First Andes Silver (MSLVF) offering?

Finders received 1,001,583 warrants exercisable at C$0.12 per share for two years. According to the company, the warrants were issued as permitted by TSX Venture Exchange rules.

Are the common shares from First Andes Silver's (MSLVF) offering subject to hold periods in Canada?

No, the issued common shares are not subject to a Canadian hold period. According to the company, the shares were offered under the listed issuer financing exemption in National Instrument 45-106.