Silver Bullet Mines Corp. Closing of Oversubscribed Financing
Silver Bullet Mines Corp. Closing of
Oversubscribed Financing
Burlington, Ontario--(Newsfile Corp. - March 30, 2022) - On March 25, 2022, Silver Bullet Mines Corp.
(TSXV: SBMI) ('SBMI' or 'the Company') announced an extension to close on the final tranche of its
previously announced financing (the "Financing"). The Company announces it has now closed on the
final round of the Financing. The gross cash proceeds from the Financing is $2,718,903.
"We thank the shareholders for their continued faith in our business plan and in our ability to execute on
it," said A. John Carter, SBMI's CEO. "We had planned certain capital expenditures for some months out
to improve the recovery rates for silver and copper at our mill in Arizona. The strength of the Financing
empowers us to makes those expenditures now, which we expect will increase anticipated revenue and
cash flow."
The oversubscribed total represents 6,797,258 Units, with each Unit priced at $0.40 (forty cents). Each
Unit consists of one common share and one full 60-cent (sixty cent) warrant with a 24-month term, with
each such warrant being exercisable into a common share (the "Financing"). There is no acceleration
clause on such warrants.
The Financing had an original minimum-maximum of $500,000 and $2,000,000 respectively. The
Financing was oversubscribed by more than 35% of the original maximum.
In connection with the Financing a total of 79,130 broker warrants were issued as referral fees to
registrants, with such warrants having the same characteristics as those issued in the Financing. A total
of $73,352 was also paid in cash as referral fees.
An insider of the Company participated in the Financing which is a "related party transaction" within the
meaning of
Multilateral Instrument 61-101 Protection of Minority Security Holders in Special
Transactions
("MI 61-101"). The Company relies upon the exemptions contained
in MI61-101 in
sections 5.5 and 5.7.
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
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/118609