Silver Mountain Closes Non- Brokered Private Placement
SILVER MOUNTAIN CLOSES NON-
BROKERED PRIVATE PLACEMENT
TORONTO
,
Nov. 10, 2023
/CNW/ - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB:
AGMRF) (BVL: AGMR) ("
Silver Mountain
", "
AGMR
" or the "
Company
") is pleased to announce
that, further to its previous press release dated
October 12, 2023
, it has closed the initial tranche of
an over-subscribed non-brokered private placement of 62,190,000 units of the Company (the
"
Units
"), at a price of
USD$0.05
per Unit, for aggregate gross proceeds of
USD$3,109,500
(the
"
Offering
"). The Company today issued an aggregate of 58,696,550 Units and the balance of
3,493,450 Units are expected to be issued imminently.
Each Unit is 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 is 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 Company will pay an aggregate of
USD$18,000
in finder's fees in connection with the
Offering.
The Company intends to use the proceeds from the Offering for corporate development and general
working capital purposes.
The Common Shares and Warrants, and any securities issuable upon exercise thereof, are subject
to a four-month statutory hold period, in accordance with applicable securities legislation.
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.
21,600,000 Units were issued to related parties (within the meaning of Multilateral Instrument 61-
101 –
Protection of Minority Security Holders in Special Transactions
("
MI 61-101
")) and such
issuances are considered "related party transactions" for the purposes of MI 61-101. Such related
party transactions are exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101 as neither the fair market value of the securities being issued to the
related parties, nor the consideration being paid by the related parties exceeded 25% of the
Company's market capitalization. The purchasers of the Units and the extent of such participation
were not finalized until shortly prior to the completion of the Offering. Accordingly, it was not possible
to publicly disclose details of the nature and extent of related party participation in the transactions
contemplated hereby pursuant to a material change report filed at least 21 days prior to the
completion of such transactions.
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:
http://www.newswire.ca/en/releases/archive/November2023/10/c7296.html
%SEDAR: 00052252E
For further information:
Alvaro Espinoza, CEO, Silver Mountain Resources Inc., 82 Richmond
Street East, Toronto, ON M5C 1P1, +51 954 475 319, [email protected]; www.agmr.ca
CO: Silver Mountain Resources Inc.
CNW 17:00e 10-NOV-23