The company completed an at-the-market (ATM) offering, selling eight million shares for net proceeds of US$16mln.
The funds will be used to advance the Terronera project including expediting brownfields exploration and development programs at existing mines, the company said.
Bradford Cooke, chief executive, said: “We are pleased to have completed this financing as it significantly strengthens our balance sheet and helps fund our growth projects.
“In particular, we have initiated an aggressive exploration program at the Terronera project to significantly expand the resources.
“This should allow us to model a larger, more economically robust high-grade, underground silver-gold mine and complete the engineering work needed to deliver a prefeasibility study."