Silver Tiger Announces Closing of $18 Million Bought Deal Financing
Not for distribution to United States newswire services or for dissemination in the United States
NEWS RELEASE
Silver Tiger Announces Closing of $18 Million Bought Deal Financing
HALIFAX, NOVA SCOTIA – February 24, 2023 – Silver Tiger Metals Inc. (TSXV:SLVR) (“ Silver
Tiger” or the “ Corporation”) is pleased to announce that it has closed its previously announced bought
deal offering (the “Offering ”) of common shares of the Company (the “ Shares”) with a syndicate of
underwriters. An aggregate of 58, 100,000 Shares at a price of C$0. 31 per Share for gross proceeds to the
Company of approximately C$18 million were sold . The Corporation intends to use the proceeds of the
Offering to continue advancement of the El Tigre mining project and for general corporate purposes.
The syndicate of underwriters was led by BMO Capital Markets, as lead underwriter and sole bookrunner,
and included Desjardins Securities Inc., PI Financial Corp., Sprott Capital Partners LP, Echelon Wealth
Partners Inc. and Eight Capital (collectively, the “ Underwriters”). The Underwriters were paid a cash
commission of 6% on the gross proceeds of the Offering.
The Offering was completed 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 were
not offered or sold in the United States except under Rule 144A or Regulation D or in such other manner
as to not require registration under the United States Securities Act of 1933, as amended.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be
any sale of any of the securities in any jurisdiction in wh ich such offer, solicitation or sale would be
unlawful. The securities have not been and will not be registered under the United States Securities Act of
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.
About Silver Tiger and the El Tigre Historic Mine District
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years’ experience
discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger’s 100%
owned 28,414 hectare Historic El Tigre M ining District is located in Sonora, Mexico. Principled
environmental, social and governance practices are core priorities at Silver Tiger.
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 i n 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 Kelly 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 Kelly Vein 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). The 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 Volcanic
Complex within a broad silver and gold m ineralized 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 as
defined under National Instrument 43-101. Mr. Duncan has reviewed and approved the scientific and
technical information in this press release.
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.
This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact included
in this release, including, without limitation, the intended use of proceeds from the Offering , statements regarding potential
mineralization, resources and reserves, the ability to convert inferred resources to indicated resources, the similarity of
mineralization at El Tigre to Delores, Santa Elena and Chispas, the ability to complete future drilling programs and infill sampling,
the ability to extend resource blocks, 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 explorat ion,
development, 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.