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Net proceeds will be used to fund exploration and development of its La Cigarra silver project in Mexico's Chihuahua state.
Rolly Uloth, who held the position of interim CEO, will continue as executive chairman. Amarillo has the Mara Rosa gold deposit and Lavras do Sul project in Brazil.
Australia-based Zenith Minerals raised Aus$2.4mn (US$1.88mn) through the exercise of options.
Proceeds will be used in the evaluation of exploration assets, including its American Lithium JV, which comprises lithium targets in the US and Mexico.