Silver Bullet Mines Announces Strategic Business Alliance and $1 Million Debenture Financing
Silver Bullet Mines Announces Strategic Business
Alliance and $1 Million Debenture Financing
April 8, 2024 - Burlington, Ontario – Silver Bullet Mines Corp. (TSXV:SBMI and
OTCQB:SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce it is entering into a
strategic business agreement (the “Agreement”) with Countryman Investment s Limited of
British Columbia, Canada (“Countryman”). The Agreement provides that Countryman will
provide financial, business development and mining opportunities to the Company.
Countryman is an existing SBMI shareholder.
Mr. Dave Richardson, a principal of Countryman, has agreed to join SBMI’s advisory board.
Mr. Richardson has a long history in finance and business management , and will assist SBMI
in implementing its business plan and expanding its business operations.
As the first phase in the implementation of the Agreement, SBMI intends to issue a convertible
debenture (the “Debenture”) in an amount up to $1,000,000.00 to willing investors
(“Investors”), issuable in tranches of $1,000 .00 with each tranche having 10,000 detachable
warrants. Each warrant has a term of three years and is exercisable at $0.12, $0.14, and $0.16
for years 1, 2, and 3 respectively following the issuance of the Debenture. The Debenture will
have a three year term and interest will run at a rate of 12% per annum, payable semi-annually
in arrears during year one and quarterly in arrears during years two and three . Interest will be
paid to Investors in cash or in common shares of the Company, at SBMI’s option.
Each Investor at any time can convert its portion of the Debenture, in whole or in part, into
common shares of the Company . The conversion price shall be $0.08 during the first twelve
months following issuance of the Debenture, $0.10 during the next twelve months of the term
of the Debenture, and $0.12 during the final twelve months of the term of the Debenture (the
“Conversion Price”).
SBMI can force conversion of the Debenture, in whole or in part, if SBMI’s closing price for
its common shares exceeds $0.2 5 for a period of ten days. The Debenture can be prepaid by
SBMI any time after twelve months from the issuance of the Debenture.
Countryman is a subscriber to the Debenture.
The Debenture is subject to regulatory and board approval.
The Agreement and the Debenture provide further financial stability to SBMI. They will enable
the Company to complete work required by MSHA at the Buckeye Silver Mine in Arizona, to
further work at the Washington Mine in Idaho this year, and to address other corporate matters.
In Arizona, the mill is MSHA approved and functioning properly. Mineralized material which
had been stockpiled at the Buckeye Silver Mine is being transported to the mill and stockpiled
material at the mill is being processed. The field team is carrying out the work required by
MSHA at the Buckeye Silver Mine, which should take between one and three months to
complete. Timber has been delivered to the Buckeye Mine Site for timbering. No new material
can be extracted from the mine until the work is complete.
SBMI believes the Agreement and the Financing show that the value the Company has created
is being recognized by significant stakeholders. It also gives increased depth to the company’s
strategic vision for the future.
For further information, please contact:
John Carter
Silver Bullet Mines Corp., CEO
+1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
+1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its
subsidiaries. Forward-looking statements are not historical facts but represent management's current expectation of future
events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates",
"estimates", "continues" and similar expressions. Although management believes that the expectations represented in such
forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, 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, SBMI will also set out the material risk
factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities
laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to
forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or
any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global
supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals;
activities and attitudes of communities local to the location of the SBMI's properties; risks of future legal proceedings;
income tax matters; fires, floods and other natural phenomena; the rate of inflation; 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 and other potential global pathogens create
risks that at this time are immeasurable and impossible to define.