Pinehurst Capital I Announces Minor Amendments to Agreement with Silver Bullet Mines Inc. and Provides Financing Update
Pinehurst Capital I Announces Minor Amendments to Agreement with Silver Bullet Mines Inc.
and Provides Financing Update
TORONTO, March 29, 2021 — Pinehurst Capital I Inc. (TSXV: PHT.P) (the " Corporation " or " Pine-
hurst"), a capital pool company listed on the TSX Venture Exchange (" TSXV "), and further to its pre-
viously proposed qualifying transaction (the " Transaction ") with Silver Bullet Mines Inc. (“ SBMI ”), is
pleased to provide an update on the Transaction and associated financing (the “ SBMI Financing”).
Pinehurst and SBMI made minor amendments to the definit ive agreement between them. The amend-
ments:
extend the outside date to closing the Transaction to April 30, 2021; and
change the definition of “SBMI Financing" to mean one or more non-brokered private placements
of securities of SBMI (but, for greater certainty, excluding the SBMI Convertible Note) for ag-
gregate gross proceeds of no less than $2,009,200 at a price or prices to be determined by SBMI,
acting reasonably (the “ Minimum ”).
With respect to the SBMI Financing, Pinehurst has been advised by SBMI that it has received cash and
subscription agreements which when added together aggregate to more than the Minimum. SBMI intends
to continue with the SBMI Financing, but intends to close off the SBMI Financing on or about March
31, 2021. SBMI reserves the right to add to the SBMI Financing after that date if deemed appropriate by
SBMI’s board.
Pinehurst’s press release of March 10, 2021 spoke of site preparation, exploration and development op-
erations currently underway at SBMI’s Buckeye Silver Mine in Arizona. Pictures of these current and
past activities at the Buckeye Mine and some of SBMI’s equipment are available at https://www.silver-
bulletmines.com/about.
“We thank our team for the great faith they have shown in us by exceeding the financing minimum,” said
John Carter, SBMI’s CEO. “In our opinion that significa ntly reduces transaction risk and allows us to
push forward with the exploration and development in anticipation of the bulk sampling operations at
the Buckeye.”
Please visit SBMI’s website www.silverbulletmines.com or follow SBMI on Twitter @bulletmines.
This news release is approved by Ronald J. Wortel, P. Eng , the President of SBMI, who is a Qualified
Person in accordance with NI 43-101
For further information, please contact:
David Rosenkrantz
Pinehurst Capital I Inc., CEO
p: +1 416-865-0123
Peter M. Clausi
Silver Bullet Mines Inc., VP Capital Markets
p: +1 416-890-1232
Information concerning Silver Bullet has been provided to the Corporation by Silver Bullet for inclusion
in this press release.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV
acceptance and if applicable pursuant to Exchange Requirements (as that term is defined in the policies
of the TSXV), majority of the minority shareholder approval. Where applicable, the Transaction cannot
close until the required shareholder approval is obtained. There can be no a ssurance that the Transac-
tion will be completed as proposed or at all.
Readers are cautioned that, except as disclosed in the management in formation circular or filing state-
ment to be prepared in connection with the Transaction, any information released or received with re-
spect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the
securities of a capital pool company should be considered highly speculative.
The TSXV has in no way passed upon the merits of the propos ed transaction and has neither approved
nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider
(as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy
of this release.
The securities referenced herein have not been, nor will be, registered under the United States Securities
Act of 1933, as amended, 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. registration or an applic able exemption from U.S. registration
requirements. This release does not constitute an offer for sale of securities in the United States.
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to
Pinehurst, Silver Bullet, their respective leadership teams and the intended Resulting Issuer. Forward-
looking statements are not historical facts but represe nt management's current expectation of future
events, and can be identified by words such as “believe” , “expects”, “will”, “intends”, “plans”, “pro-
jects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes
that the expectations represented in such forward-lookin g statements are reasonable, there can be no
assurance that they will prove to be correct.
By their nature, forward-looking statements include assu mptions and are subject to inherent risks and
uncertainties that could cause actual future results, conditions, actions or events to differ materially from
those in the forward-looking statements. If and when forward-looking statements are set out in this new
release, Pinehurst will also set out the material risk factors or assumptions used to develop the forward-
looking statements. Except as expressly required by ap plicable securities laws, Pinehurst assumes no
obligation to update or revise any forward-looking statement s. The future outcomes that relate to for-
ward-looking statements may be influenced by many factors, including but not limited to: closing on the
Transaction as described above in a timely manner; the pilot plant and assay equipment may not function
as expected; SARS CoV-2; reliance on key personnel; share holder and regulatory approvals; activities
and attitudes of communities local to the location of the Property; risks of future legal proceedings; in-
come tax matters; availability and terms of financing; distribution of securities; commodities pricing;
currency movements, especially as between the USD and CDN; effect of market interest rates on price
of securities; and, potential dilution. SARS CoV-2 creates risks that at this time are immeasurable and
impossible to define.