RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW. 1 Guanajuato Silver Confirms Details of Private Placement Financing
THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
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Guanajuato Silver Confirms Details of Private Placement Financing
October 24, 2024 – Vancouver, British Columbia – Guanajuato Silver Company Ltd. (the “Company” or “GSilver”)
(TSXV:GSVR), a rapidly growing Mexican precious metals producer, announces that the final tabulation for the
recently announced non-brokered private placement (the “Private Placement”) is a total of 35,918,000 units
(each, a "Unit") at a price of $0.24 per Unit for gross proceeds of C$8,620,320 (See GSilver news release dated
October 22, 2024). The Company does not anticipate any further expansion of the Private Placement, which is
scheduled to close on or about October 28, 2024, 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 "TSXV").
Each Unit will consist of one common share in the capital of the Company (each, a "Common Share") and one-
half of one non-transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant
shall entitle the holder thereof to purchase one additional Common Share (each, a "Warrant Share") at an exercise
price of $0.35 per Warrant Share for a period of 24 months following the closing date of the Private Placement.
The Company may pay finder's fees to eligible finders in accordance with the policies of the TSXV. The Company
expects to pay finder’s fees equal to 6% cash and 6% non-transferrable broker warrants, with such broker warrants
entitling the holder thereof to purchase one additional Common Share (each, a "Broker Warrant Share") at an
exercise price of $0.24 per Broker Warrant Share for a period of 24 months following the closing date of the Private
Placement. The Company may settle all or part of the cash portion of the finder’s fee through the issuance of
common shares or Units.
All securities issued pursuant to the Private Placement will be subject to a hold period of four months and one day
from the closing date of the Private Placement in accordance with applicable securities laws.
The Company intends to use the net proceeds of the Private Placement for working capital and general corporate
purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United
States or to U.S. Persons (as that term is defined in Rule 902(k) of Regulation S), nor shall this press release be
construed to constitute such an offer or solicitation in any jurisdiction in which such offer, solicitation or sale
would be unlawful. The securities being offered have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended (the "1933 Act") or under any U.S. state securities laws, and may not be offered
or sold in the United States absent registration or an applicable exemption from the registration requirements of
the 1933 Act, as amended, and applicable state securities laws.
About Guanajuato Silver
GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines in central
Mexico. The Company produces silver and gold concentrates from the El Cubo Mine, Valenciana Mines Complex,
and the San Ignacio mine; all three min es are located within the state of Guanajuato, which has an established
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480-year mining history. Additionally, the Company produces silver, gold, lead, and zinc concentrates from the
Topia mine in northwestern Durango. With four operating mines and three processing facilities, Guanajuato
Silver is one of the fastest growing silver producers in Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
"James Anderson"
Chairman and CEO
For further information regarding Guanajuato Silver Company Ltd., please contact:
JJ Jennex, Gerente de Comunicaciones, T: 604 723 1433
GSilver.com
Guanajuato Silver Bullion Store
Please visit our Bullion Store, where Guanajuato Silver coins and bars can be purchased.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain forward-looking statements and information, which relate to future events or
future performance including, but not limited to, statements regarding rapid growth; the terms and completion
of the Private Placement; the use of proceeds from the Private Placement; and GSilver’s status as one of the
fasting growing silver mining company in Mexico.
Such forward-looking statements and information reflect management's current beliefs and are based on
information currently available to and assumptions made by the Company; which assumptions, while considered
reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: the receipt of TSX Venture Exchange approval for
the private placement, the potential quantity, grade and metal content of the mineralized material at El Cubo
and San Ignacio, the geotechnical and metallurgical characteristics of such material conforming to sampled
results and metallurgical performance; available tonnage of mineralized material to be mined and processed;
resource grades and recoveries; assumptions and discount rates being appropriately applied to production
estimates; prices for silver, gold and other metals remaining as estimated; currency exchange rates remaining as
estimated; availability of funds for the Company's projects and to satisfy current liabilities and obligations
including debt repayments; capital, decommissioning and reclamation estimates; prices for energy inputs,
labour, materials, supplies and services (including transportation) and inflation rates remaining as estimated; no
labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all
necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply
with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
Readers are cautioned that such forward-looking statements and information are neither promises nor
guarantees, and are subject to risks and uncertainties that may cause future results, level of activity, production
levels, performance or achievements of GSilver to differ materially from those expected including, but not limited
to, failure to receive TSX Venture Exchange approval for the private placement, market conditions, availability of
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financing, currency rate fluctuations, high inflation and interest rates, geopolitical conflicts including wars, actual
results of exploration, development and production activities, actual grades and recoveries of silver, gold and
other metals from the Company’s existing mines including El Cubo, San Ignacio, VMC and Topia, availability of
third party mineralized material for processing, unanticipated geological or structural formations and
characteristics, environmental risks, future prices of gold, silver and other metals, operating risks, accidents, labor
issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals and permits,
inadequate insurance, and other risks in the mining industry. There are no assurances that GSilver will be able to
continue to increase production, tonnage milled and recoveries rates, improve grades and reduce costs at El
Cubo, San Ignacio, VMC and/or Topia to process mineralized materials to produce silver, gold and other
concentrates in the amounts, grades, recoveries, costs and timetable anticipated. In addition, GSilver’s decision
to process mineralized material from El Cubo, San Ignacio, VMC and Topia is not based on a feasibility study of
mineral reserves demonstrating economic and technical viability and therefore is subject to increased
uncertainty and risk of failure, both economically and technically. Mineral resources and mineralized material
that are not Mineral Reserves do not have demonstrated economic viability, are considered too speculative
geologically to have the economic considerations applied to them, and may be materially affected by
environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. There are no
assurances that the Company's projected grades of gold and silver at El Cubo and San Ignacio and the anticipated
level of production therefrom will be realized. In addition, there are no assurances that the Company will meet
its production forecasts or generate the anticipated cash flows from operations to satisfy its scheduled debt
payments or other liabilities when due or meet financial covenants to which the Company is subject or to fund
its exploration programs and corporate initiatives as planned. There is also uncertainty about impact of any
resurgence of COVID-19, the ongoing war in Ukraine and conflict in Gaza, elevated inflation and interest rates
and the impact they will have on the Company's operations, supply chains, ability to access mining projects or
procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general.
Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-
looking statements and information made in this news release are qualified by these cautionary statements and
those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca including the Company’s
most recently filed annual information form . These forward-looking statements and information are made as of
the date hereof and the Company does not assume any obligation to update or revise them to reflect new events
or circumstances save as required by law.