Silver Tiger Announces C$20 Million Bought Deal Financing
300664.00004/116352687.3
Not for distribution to United States newswire services or for dissemination in the United States
NEWS RELEASE
Silver Tiger Announces C$20 Million Bought Deal Financing
HALIFAX, NOVA SCOTIA – February 22, 2022 – Silver Tiger Metals Inc. (TSXV:SLVR) (“ Silver Tiger” or the
“Corporation”) is pleased to announce that it has entered into an agreement with Sprott Capital Partners LP as co-lead
underwriter and sole bookrunner, along with Desjardins Capital Markets as co -lead underwriter (collective ly, the
“Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 35,100,000
common shares of the Company (the “ Shares”) at a price of C$ 0.57 per Share for gross proceeds to the Company of
approximately C$20 million (the “Offering”).
The Company has agreed to grant the Underwriters an over-allotment option (the “Over-Allotment Option”) to
increase the size of the Offering by up to an additional 15%, such option being exercisable in whole or in part at any
time prior to the date that is 30 days after the closing of the Offering, to cover over-allotments, if any, and for market
stabilization purposes. In the event that the Over-Allotment Option is exercised in full, the aggregate gross proceeds of
the Offering to the Company will be approximately C$23 million.
The net proceeds from the offering shall be primarily used to fund continued exploration of the Corporation’s El Tigre
silver project located in Sonora, Mexico. A portion of the net proceeds will be used for general working capital and
business development purposes.
The Shares will be offered by way of short form prospectus in each of the provinces of Canada, except Québec,
pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. The Shares will not be offered or sold
elsewhere except in reliance upon exemptions from registration under applicable securities laws.
The Offering is scheduled to close on or before March 17, 2022, and is subject to certain conditions including, but not
limited to, receipt of all regulatory approvals, including the approval of the TSX Venture Exchange and the applicable
securities regulatory authorities.
This news release does not constitute an offer to sell or a solicitatio n of an offer to buy nor shall there be any sale of
any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have
not been and will not be registered under the United States Securities Act o f 1933, as amended (the “ U.S. Securities
Act”), or any applicable state securities laws and may not be offered or sold within the United States unless registered
under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements
is available.
El Tigre Resource Estimate
After acquiring El Tigre, Silver Tiger drilled 12,500 meters to define the wide halo of near surface gold mineralization
around the mined high-grade veins of the historic El Tigre Mine. This allowed Silver Tiger to deliver a maiden resource
estimate for the El Tigre Property to a depth of 150 meters containing indicated resources of 661,000 gold equivalent
ounces at 0.77 g/t (21 g/t silver and 0.51 g/t gold) and inferred resources of 341,000 gold equivalent ounces at 1.59 g/t
(88 g/t silver and 0.52 g/t gold). The National Instrument 43-101 Technical Report titled “NI 43 -101 Technical Report
and Updated Mineral Resource Estimate on the El Tigre Project, Sonora, México” effective as of Septemb er 7, 2017
and dated October 26, 2017 prepared by David Burga, P.Geo., Yungang Wu, P.Geo., Fred Brown, P.Geo., Jarita Barry,
P.Geo., Eugene Puritch, P.Eng., FEC, CET, Alfred Hayden, P.Eng. and Richard H. Sutcliffe, Ph.D., P.Geo. of P&E
Mining Consultants Inc. is available on the Corporation’s website at www.silvertigermetals.com and on
300664.00004/116352687.3
www.sedar.com under the Corporation’s profile.
About Silver Tiger and the El Tigre Historic Mine District
The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver
and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at
the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with the
Brown Shaft in 1903. The focus soon changed to mining high -grade silver veins in the area with production coming
from 3 parallel veins the El Tigre Vein, the Seitz Kelley Vein and the Sooy Vein. Underground mining on the middle
El Tigre vein extended 1,450 meters along strike and was mined on 14 levels to a depth of approximately 450 meters.
The Seitz Kelley V ein was developed along strike for 1 kilometer to a depth of approximately 200 meters. The Sooy
Vein was only mined along strike for 250 meters to a depth of approximately 150 meters. Mining abruptly stopped on
all 3 of these veins when the price of silver collapsed to less than 20¢ per ounce with the onset of the Great Depression.
By the time the mine closed in 1932, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million
ounces of silver from 1.87 million tons (Craig, 2012). Th e average grade mined during this period was over 2
kilograms silver equivalent per ton.
The El Tigre silver and gold deposit is related to a series of high -grade epithermal veins controlled by a north-south
trending structure cutting across the andesitic and rhyolitic tuffs of the Sierra Madre Volcani c Complex within a broad
silver and gold mineralized prophylitic alteration zone developed in the El Tigre Formation that can be up to 150
meters wide. The veins dip steeply to the west and are typically 0.5 meter wide but locally can be up to 5 meters in
width. The veins, structures and mineralized zones outcrop on surface and have been traced for 5.3 kilometers along
strike in our brownfield exploration area. Historical mining and exploration activities focused on a 1.6 kilometer portion
of the southern end of the deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. The under explored
Caleigh, Benjamin, Protectora and the Fundadora exposed veins continue north for more than 3 kilometers. Silver
Tiger has delivered its maiden 43 -101 compliant resource estimate and is currently drilling to update its resource
estimate and publish a PEA.
VRIFY Slide Deck and 3D Presentation – Silver Tiger’s El Tigre Project
VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote
mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS
and Android apps.
Access the Silver Tiger Metals Inc. Corporate Profile on VRIFY at: https://vrify.com
The VRIFY Slide Deck and 3D Presentation for Silver Tiger Metals Inc. can be viewed at:
https://vrify.com/explore/decks/492 and on the Company’s website at: www.silvertigermetals.com.
Qualified Person
David R. Duncan, P. Geo., V.P. Exploration of the Corporation, is the Qualified Person for Silver Tiger a s defined
under National Instrument 43-101. Mr. Duncan has reviewed and approved the scientific and technical information in
this press release and has reviewed the Technical Report.
For further information, please contact:
Glenn Jessome
President and CEO
902 492 0298
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
300664.00004/116352687.3
This News Release includes certain “forward -looking statements”. All statements other than statements of historical fact include d in this release,
including, without limitation, statements regarding the timing and completion of the Offering, the intended use of proceeds from the Offering,
potential mineralization, resources and reserves, the ability to convert inferred resources to indicate d resources, the ability to complete future
drilling programs and infill sampling, the ability to extend resource blocks, the similarity of mineralization at El Tigre to Delores, Santa Elena
and Chispas, exploration results and the future plans and objectives of Silver Tiger, are forward-looking statements that involve various risks and
uncertainties. Forward-looking statements are frequently characterized by words such as “may”, “is expected to”, “anticipates”, “estimates”,
“intends”, “plans”, “projection”, “could”, “vision”, “goals”, “objective” and “outlook” and other similar words. Although Silver Tiger
believes the expectations expressed in such forward -looking statements are based on reasonable assumptions, there can be no assurance that
such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from Silver Tiger’s expectations include risks and uncertainties related to
exploration, developmen t, operations, commodity prices and global financial volatility, risk and uncertainties of operating in a foreign
jurisdiction as well as additional risks described from time to time in the filings made by Silver Tiger with securities regulators.