Price"), announced
Kootenay Closes $2 Million Investment from
Sprott Asset Management
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER
,
Oct. 15, 2019
/CNW/ -
Kootenay Silver Inc. (TSXV: KTN) (the "Company" or
"Kootenay")
is pleased to announce the closing of its non-brokered private placement of
$2,000,000
consisting of 7,692,308 units (the "Units") at a price of
$0.26
per Unit (the "Placement
Price"), announced
October 4, 2019
. The entire Private Placement was fully subscribed by Ninepoint
Silver Equities Class with Sprott Asset Management LP acting as sub-advisor.
Each Unit consists of one common share (a "Common Share") and one-half of one non-transferable
common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the
holder to acquire one common share at an exercise price of
$0.40
per share until
October 11, 2021
.
Net proceeds of the Private Placement will be used to advance exploration of the Columba Silver
Project in Chihuahua State,
Mexico
, and to fund further work at Copalito, La Cigarra and other
projects as well as for general working capital purposes.
All securities issued pursuant to the Private Placement are subject to a four month hold period under
applicable securities laws in
Canada
ending on
February 12, 2020
. The Private Placement is subject
to the final acceptance of the TSX Venture Exchange.
The securities being offered under the Private Placement have not been, nor will they be registered
under the United States Securities Act of 1933, as amended, or state securities laws and may not
be offered or sold within
the United States
or to, or for the account or benefit of, U.S. persons
absent U.S. federal and state registration or an applicable exemption from the U.S. registration
requirements. This release does not constitute an offer for sale of securities in
the United States
.
Neither the 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.
About Kootenay Silver Inc.
Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development
of mineral projects in the Sierra Madre Region of
Mexico
and in
British Columbia, Canada
.
Supported by one of the largest portfolios of silver assets in
Mexico
, Kootenay continues to provide
its shareholders with significant leverage to silver prices. The Company remains focused on the
expansion of its current silver resources, new discoveries and the near-term economic
development of two of its priority silver projects located in prolific mining districts in
Sonora
, State
and Chihuahua, State,
Mexico
, respectively.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this news release has been prepared as at
October 14, 2019
. Certain
statements in this news release, referred to herein as "forward-looking statements", constitute
"forward-looking statements" under the provisions of Canadian provincial securities laws. These
statements can be identified by the use of words such as "expected", "may", "will" or similar terms
and include statements regarding the intended use of the net proceeds of the Private Placement.
Forward-looking statements are necessarily based upon a number of factors and assumptions that,
while considered reasonable by Kootenay as of the date of such statements, are inherently subject
to significant business, economic and competitive uncertainties and contingencies, including
receipt of the final acceptance of the Private Placement from the TSX Venture Exchange. Many
factors, known and unknown, could cause actual results to be materially different from those
expressed or implied by such forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the date made. Except
as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any such statements to reflect any change in
Kootenay's expectations or any change in events, conditions or circumstances on which any such
statement is based.
SOURCE
Kootenay Silver Inc.
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%SEDAR: 00016508E
For further information:
James McDonald, CEO and President at 403-880-6016; Ken Berry,
Chairman at 604-601-5652; 1-888-601-5650 or visit: www.kootenaysilver.com
CO: Kootenay Silver Inc.
CNW 08:45e 15-OCT-19