Responds to OTC Markets Request ON Recent Promotional Activity
SILVER MOUNTAIN RESOURCES INC.
RESPONDS TO OTC MARKETS REQUEST ON
RECENT PROMOTIONAL ACTIVITY
TORONTO
,
Sept. 14, 2022
/CNW/ - SILVER MOUNTAIN RESOURCES INC. (TSXV: AGMR)
(OTCQB: AGMRF) (BVL: AGMR) ("
Silver Mountain
" or the "
Company
") announces that it has
been requested by OTC Markets Group Inc. ("
OTC Markets
") to issue this statement about
promotional activity concerning its Class A common shares traded on the OTCQB market (operated
by OTC Markets).
On
Monday, September 12, 2022
, OTC Markets informed the Company that it became aware of
certain promotional activities concerning the Company and the Class A common shares traded on
the OTCQB Marketplace, including the distribution of four promotional newsletter emails published
by Wealth Research Group, Crush The Street, Portfolio Wealth Global, and Future Trends Digest
discussing the Company, some of its projects, its investors, and the global silver market. OTC
Markets provided examples of the promotional material for reference.
All four are third-party marketing and advertising firms. On
September 12, 2022
, the Company
entered into an advertising agreement, with Gold Standard Media, LLC ("
Gold Standard
"), whereby
Gold Standard, along with its affiliates, Future Money Trends LLC, Wealth Research Group LLC,
and Portfolio Wealth Global LLC (collectively, the "
Service Providers
"), would provide certain
promotional and advertising services to the Company. The Service Providers are permitted to further
hire third parties. The Agreement is valid until
February 2, 2024
.
After an inquiry of management, the Company was aware of the distribution of each newsletter as of
September 12, 2022
, and paid for their distribution. However, none of the Company and its officers
were involved, directly, with the creation of the materials. The Company provided the service
providers publicly available source information for the newsletters and did not have editorial control
over the materials, including reviewing the materials for factual accuracy prior to their dissemination.
Each of the newsletters presented factual statements regarding the silver market, the Company's
investors, the Company's current market cap, and indicated the Company's attractiveness given its
big-name investors.
The Company does not believe the statements in the newsletters were false or misleading. The
Company has been advised by OTC Markets that OTC Markets takes the position that the
newsletters tout the Company and encourages investors to purchase its shares. The Company
wishes to caution readers that these statements are speculative in nature. For more complete and
specific information regarding the Company, its prospects, and the risks associated with those
prospects, readers should consult the Company's public filings on SEDAR, its website, and other
reliable sources. The Company encourages investors to contact their investment advisors prior to
making any investment.
Further, the Company understands this promotional activity may have coincided with increased
trading activity in the Class A common shares beginning on
September 12, 2022
. The Company
does not believe the promotional activities were a factor in any increase in trading volume in the
Class A common shares. Rather, the Company believes the increase in trading volume was due to a
currently heightened interest in development-stage mineral projects, given the current inflationary
environment, particularly silver and gold and the high-quality drilling and exploration results that have
been publicly announced in the past few weeks.
After an inquiry of management, three officers and directors sold securities of the Company within
the past 90 days.
Jose Vizquerra
(Chairman and Director),
Jean Pierre Fort
(Chief Financial
Officer), and
Torsten Danne
(Director of Exploration) have sold or purchased the Company's
securities within the past 90 days. To the extent of management's knowledge, none of the controlling
shareholders have sold or purchased the Company's securities within the past 90 days. Additionally,
management is not aware of any third-party service providers who have sold or purchased the
Company's securities within the past 90 days.
In the past 12 months, the Company has only entered into an agreement with Gold Standard and its
affiliates (on
September 12, 2022
), as previously described above, to provide investor relations
services, public relations services, marketing, and other related services including the promotion of
the Company or its securities.
OTC Markets has further requested that the Company state whether, at any point, it has issued any
shares or convertible instruments allowing conversion to equity securities at prices constituting a
discount to the current market rate at the time of the issuance. As disclosed in its public filings on
SEDAR, the Company has not issued shares or convertible instruments allowing conversion to equity
securities at prices constituting a discount to the current market rate at the time of the issuance in
accordance with the policies of the TSX Venture Exchange.
About Silver Mountain Resources Inc.
Silver Mountain Resources Inc. is a silver explorer and mine developer planning to re-commence
production at the Reliquias underground mine and undertake exploration activities at its prospective
silver camps at the Castrovirreyna Project in Huancavelica,
Peru
.
Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and
holds more than 30,000 Ha. in the district of Castrovirreyna, in Huancavelica,
Peru
.
SOURCE
Silver Mountain Resources Inc.
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%SEDAR: 00052252E
For further information:
Alfredo Bazo, President, CEO & Director, [email protected]; Silver
Mountain Resources Inc., 82 Richmond Street East, Toronto, ON M5C 1P1, [email protected],
(647) 262-4017; Jean Pierre Fort, Chief Financial Officer, [email protected]
CO: Silver Mountain Resources Inc.
CNW 16:30e 14-SEP-22