Silver Bullet Mines Provides Update on Debt Extensions and MSHA Work
Silver Bullet Mines Provides Update on Debt Extensions and
MSHA Work
August 12, 2024 - Burlington, Ontario – Silver Bullet Mines Corp. (TSXV:SBMI and
OTCQB:SBMCF) (‘SBMI’ or ‘the Company’) is pleased to provide an update on the extension
of outstanding notes and other matters.
During fiscal 2021, the Company issued a note payable with a face amount of CDN$319,575
denominated in United States dollars (USD$250,000) as partial consideration for the purchase
of the mill site in Arizona. The Company has negotiated an extension of the maturity date of
this note to February 9, 2025. As consideration for the extension, the Company has agreed to
pay an extension fee of USD$20,000.
On June 30, 2024 a convertible note to an arm’s length third party in the amount of
CDN$600,000 became due. The lender has since advised it wishes to convert $25,000.00 of
such notes into common shares of the Company, at the pre-agreed price of $0.10 per share. The
Company and the lender are in ongoing discussions with a view to determining a new due date
for the remaining balance of such note. The Company is reasonably optimistic it will reach
commercially satisfactory terms with the lender.
The Company continues its discussions with the owner of the 30,000 t stockpile with a view to
creating a mutually beneficial relationship for the processing by SBMI of such stockpile. Any
capital expenditures on additions to the mill will depend upon the terms of such relationship.
Finally, the Company advises that the field team in Arizona diligently continues with
rockbolting in the Buckeye Silver Min e, as required by the Mine Safety and Health
Administration.
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.