Silver Mountain Announces Non- Brokered Unit Offering of up to USD$3 Million
SILVER MOUNTAIN ANNOUNCES NON-
BROKERED UNIT OFFERING OF UP TO
USD$3 MILLION
TORONTO
,
Oct. 12, 2023
/CNW/ -
Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB:
AGMRF) (BVL: AGMR) ("
Silver Mountain
", "
AGMR
" or the "
Company
") is pleased to announce
that it intends to complete a non-brokered private placement of up to 60,000,000 units of the
Company (the "
Units
"), at a price of
USD$0.05
per Unit, for aggregate gross proceeds of up to
USD$3,000,000
(the "
Offering
").
Each Unit will be comprised of one (1) class A common share in the capital of the Company (each, a
"
Common Share
") and one-half of one (1/2) Common Share purchase warrant (each whole
warrant, a "
Warrant
"). Each Warrant will be exercisable into one Common Share in the capital of
the Company (each, a "
Warrant Share
") at a price of
USD$0.09
per Warrant Share for a period of
36 months.
The Offering is expected to close in one or more tranches, with the first tranche expected to close in
early November, and is subject to certain conditions including, but not limited to, the receipt of all
necessary approvals, including the approval of the TSX Venture Exchange. The Common Shares
issued in connection with the Offering are expected to be subject to a four-month statutory hold
period, in accordance with applicable securities legislation.
The Company intends to use the proceeds from the Offering for corporate development and general
working capital purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful. The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "
U.S. Securities Act
"), or any applicable state securities
laws and may not be offered or sold within
the United States
unless registered under the U.S.
Securities Act and applicable state securities laws, or an exemption from such registration
requirements is available.
About Silver Mountain
Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production
at the Reliquias underground mine and undertake exploration activities at its prospective silver
camps at the Castrovirreyna Project in Huancavelica,
Peru
.
For additional information in respect of the Castrovirreyna Project, please refer to the Company's
technical report, titled NI 43-101 Technical Report Mineral Resource Estimate for the Reliquias
Mine, Huancavelica,
Peru
, dated
March 27, 2023
, effective date
March 18, 2023
, available at
www.sedarplus.ca
.
For further information about the Company's drill program, including cross sections of the main veins
with drill hole locations, please refer to the Company's corporate presentation, available on its
website at
www.agmr.ca
. Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns
100% of its concessions and holds more than 60,000 hectares in the district of Castrovirreyna,
Huancavelica,
Peru
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the
meaning of Canadian securities legislation (collectively, "
forward-looking statements
") that relate
to Silver Mountain's current expectations and views of future events. Any statements that express, or
involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or
performance (often, but not always, through the use of words or phrases such as "will likely result",
"are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated",
"intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical
facts and may be forward-looking statements and may involve estimates, assumptions and
uncertainties which could cause actual results or outcomes to differ materially from those expressed
in such forward-looking statements. No assurance can be given that these expectations will prove to
be correct and such forward-looking statements included in this news release should not be unduly
relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on a number of assumptions and are subject to a number of
risks and uncertainties, many of which are beyond Silver Mountain's control, which could cause
actual results and events to differ materially from those that are disclosed in or implied by such
forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors
set forth under "
Caution Regarding
Forward-Looking Statements"
and "
Risk Factors
" in the
Company's annual information form dated
August 14, 2023
, and other disclosure documents
available on the Company's profile at
www.sedarplus.ca
. Silver Mountain undertakes no obligation to
update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by law. New factors emerge from time to time, and
it is not possible for Silver Mountain to predict all of them or assess the impact of each such factor
or the extent to which any factor, or combination of factors, may cause results to differ materially
from those contained in any forward-looking statement. Any forward-looking statements contained in
this news release are expressly qualified in their entirety by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
Silver Mountain Resources Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2023/12/c2701.html
%SEDAR: 00052252E
For further information:
Alvaro Espinoza, CEO, [email protected], Silver Mountain Resources
Inc, 82 Richmond Street East, Toronto, ON M5C 1P1, +51 997 903 576, [email protected],
www.agmr.ca
CO: Silver Mountain Resources Inc.
CNW 18:24e 12-OCT-23