Silver Bullet Mines Corp. Announces Cash Advance on First Order
Silver Bullet Mines Corp. Announces Cash
Advance on First Order
Burlington, Ontario--(Newsfile Corp. - April 17, 2023) - Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB:
SBMCF) ('SBMI' or 'the Company') announces it has entered into a cash advance from a purchaser of
SBMI's silver products (the "Purchaser").
SBMI has previously announced an order for 50 kilograms of silver from the Purchaser, which order has
since been increased to 500 kilograms (17,600 oz) of silver. The Purchaser has indicated a willingness
to purchase 17,600 oz of silver from SBMI every month for the foreseeable future. Management
reasonably believes SBMI has the capability to fill such monthly orders.
The Purchaser and SBMI have since entered into an agreement whereby the Purchaser would advance
USD$225,000 against the first delivery of silver to it by SBMI. This advance would be secured by a
conditional convertible debenture (the "Debenture"). The Debenture only becomes convertible in the
event SBMI does not deliver USD$225,000 of silver to the Purchaser within 60 days of SBMI receiving
the USD$225,000 advance. This amounts to a little more than 9,000 oz of silver, depending upon the
spot price at the time of delivery.
The principal amount of the Debenture would decrease as SBMI delivers silver to the Purchaser, and
would expire upon the delivery of USD$225,000 worth of silver to the Purchaser. Once SBMI has
delivered USD$225,000 worth of silver to the Purchaser, the Debenture would expire. The Debenture
would accrue interest at the rate of 3% per month on the outstanding principal for one month, which
interest begins to accrue after 30 days. After 60 days either the interest converts with the Debenture, or if
SBMI has delivered USD$225,000 worth of silver to the Purchaser the obligation to pay interest would
expire.
The funds would be advanced by the Purchaser immediately after SBMI receives regulatory approval for
the Debenture, and would be used for working capital purposes.
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 mineralized material; the presence of mineable economic mineralized material;
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/162627