Silver Bullet Mines Closes Financing and Takes Samples from Diabase
Silver Bullet Mines Closes Financing and
Takes Samples from Diabase
Burlington, Ontario--(Newsfile Corp. - November 3, 2022) - On October 21, 2022 Silver Bullet Mines
Corp. (TSXV: SBMI) (OTCQB: SBMCF) ('SBMI' or 'the Company') announced a financing of Units (the
"Financing"), whereby each Unit consisted of one common share and one common share purchase
warrant. Each Unit is priced at $0.20 (twenty cents). Each common share purchase warrant has a 2-year
term and is exercisable at $0.30 (thirty cents).
SBMI announces it has closed on the first tranche of the Financing, being $447,000. This represents
2,235,000 common shares and 2,235,000 common share purchase warrants. The Company expects
further tranches to close in the near future. In relation to the Financing the Company paid commissions by
way of 84,000 broker warrants and cash commissions of $16,800. Insiders are still blacked out by order
of the Chair and were not allowed to participate in the Financing.
On September 26, 2022 the Company announced it had found high-grade gold, platinum, palladium,
rhodium and osmium (the "Bonus Materials") in concentrates resulting from 200 tons of material from the
Buckeye Mine. To help identify the source and/or location of the Bonus Materials, and to help determine
whether the Bonus Materials are limited to the Buckeye veins or are also present in the host materials
around the veins, the Company recently took samples from the diabase at several locations near and in
the Buckeye Silver Mine. "Diabase" is also known as "country rock" or "host rock", and is the material
hosting the many veins in and near the Buckeye Silver Mine.
The Company announces it has received assay results from an independent lab with respect to those
samples taken from the diabase. Those results are being considered and will be disclosed to the public
as soon as possible.
Finally, and as previously disclosed, the Company has encountered procedural challenges in completing
its first audit as an operating company, including but not limited to cross-border documentation. Some of
these challenges were caused by COVID-19 restrictions on travel to the mill and mine sites in Arizona,
others by a local inexperience with audit processes. Management sees these challenges as transitory
and procedural. There are no items in disagreement, whether material or not, between the auditors and
the Company. Management and the board expect to be able to file the audited financial statements and
the MDA for the year ended June 30, 2022 imminently.
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 viruses create risks that at this time are immeasurable and impossible to define.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/142903