Silver Mountain Mines Announces Closing of Its Private Placement
SILVER MOUNTAIN MINES ANNOUNCES CLOSING OF ITS PRIVATE PLACEMENT
October 15, 2020 Calgary, Alberta – Silver Mountain Mines Inc. (TSX-V: SMM) (the "Company ") announces the closing
of the non-brokered offering of Common Units and Flow-Through Units, as announced on August 4 th , 2020. The Company
raised $198,000.00 in total.
Each Flow-Through Unit, priced at $0.25/unit, consisted of o ne common share of the Company issued on a flow-through
basis (" Flow-Through Share ") and one (1) common share purchase warrant. Each com mon share purchase warrant
(" Warrant ") entitles the holder to acquire, subject to adjustmen t, one Common Share at a price of $0.35 per share on or
before 4:30 p.m. (Calgary time) on or before December 31, 2023 (the " Expiry Date ").
Each Common Shares Unit, priced at $0.25/unit, consisted of one common share of the Company (" Common Share ") and
one (1) Common Share purchase warrant. Each common sha re purchase warrant (" CS Warrant ") entitles the holder to
acquire, subject to adjustment, one Common Share at a price of $0.35 per share on or before 4:30 p.m. on the Expiry Date.
Certain directors of the Company purchased a total of 140,000 Units under the private placement. The placement to those
persons constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Mult ilateral
Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company has relied
on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market
value (as determined under MI 61-101) of the subject matte r of, nor the fair market value of the consideration fo r, the
transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined
under MI 61-101). Further details will be included in a materi al change report to be filed by the Company. The mat erial
change report will not be filed more than 21 days prior to closing of the placement due to the timing of the announcement of
the amended private placement and closing occurring in less than 21 days.
About Silver Mountain Mines Inc. (TSX-V: SMM)
Silver Mountain Mines Inc. is a Canadian based exploration and development company with 100% ownership of a 9,300
hectare property centered on the historical silver rich Ptarmigan Mine in south eastern, British Columbia. The property hosts
two styles of mineralization: silver rich, high-grade poly metallic epithermal veins and manto style massive / semi -massive
sulphide mineralization.
For further information on Silver Mountain Mines Inc. please visi t the Company’s website
http://www.silvermountainmines.com and SEDAR (www.sedar.com) or contact Mr. Steve Konopelky, President & CEO of the
Company.
Neither the TSX-Venture Exchange nor its Regulation Services Provider, as per the term defined in the policies of t he TSX
Venture Exchange, accepts responsibility for the adequacy or accuracy of the release.
ON BEHALF OF THE BOARD
“Signed”
Steve Konopelky
Director