Silver North Announces Closing of First Tranche of Private Placement
Trading Symbol (TSX-V: SNAG)
410-325 Howe Street
Vancouver, British Columbia
Canada V6C 1Z7
Tel: (604) 687 3520
Fax: 1-888-889-4874
www.silvernorthres.com
NR 24-09
Silver North Announces Closing of First Tranche of Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Vancouver, BC, June 21, 2024 – Silver North Resources Ltd. (TSX -V: SNAG, OTCQB:
TARSF) “Silver North” or the “ Company”) is pleased to announce that further to its news
release dated June 5, 2024, it has closed the first tranche (the “ First Tranche”) of its non -
brokered private placement (the “Offering”) for gross proceeds of $562,500.
In connection with the closing of the First Tranche the Company issued 2,500,000 charity flow-
through units of the Company (the “ CFT Units” ) at a price of $0.225 per CFT Unit for gross
proceeds of $562,500. Each CFT Unit is comprised of one common share in the capital of the
Company (a “Share”) and one common share purchase warrant (a “Warrant”) of the Company,
each of which will qualify as a “ flow-through share” within the meaning of subsection 66(15) of
the Income Tax Act (Canada) (the “ Tax Act ”). Each Warrant entitl es the holder thereof to
purchase one Share (a “ Warrant Share”) until June 21, 2028 at an exercise price of $0.35 per
Warrant Share.
“Management would like to thank those who participated this offering,” stated Jason Weber,
P.Geo., president and CEO of Silver North. “These funds allow Silver North to continue to build
on high-grade silver targets such as the West Fault discovery at the Haldane Silver Project in
Yukon’s famous Keno Silver District.”
The Company will use an amount equal to the gross proceeds from the First Tranche, pursuant
to the provisions in the Tax Act, to incur eligible “Canadian exploration expenses” that qualify as
“flow-through mining expenditures” as both terms are defined in the Tax Act (the “ Qualifying
Expenditures”) related to the Company's projects in the Yukon , on or before December 31,
2025, and to renounce all the Qualifying Expenditures in favour of the subscribers of the CFT
Units effective December 31, 2024 . If the Qualifying Expenditures renounced by the Company
to the C FT Unit subscribers are reduced by the Canada Revenue Agency, the Company will
indemnify each CFT Unit subscriber for any taxes payable by such subscriber.
In connection with the closing of the First Tranche the Company issued 105,000 finder’s
warrants (the “ Finder’s Warrants”) and paid a cash commission of $16,800 to certain arm’s
length finders, including Red Cloud Securities Inc ., Glores Securities Inc. and Ventum Financial
Corp. Each Finder’s Warrant entitles the holder ther eof to purchase one Share (a “ Finder’s
Warrant Share”) at a price of $0.16 per Finder’s Warrant Share until June 21, 2025. The
Finder’s Warrants issued in connection with the First Tranche are subject to a statutory hold
period and may not be traded until October 22, 2024, except as permitted by applicable
securities legislation.
The Company anticipates closing a second tranche of the Offering shortly, subject to customary
closing conditions, including the approval of the TSX Venture Exchange (“TSXV”). The
Company anticipates that the securities issued in subsequent tranches will be non- flow-through
units of the Company (the “ NFT Units” and together with the CFT Units, the “ Offered
Securities”) as more fully described in the Company’s June 5, 2024 news release.
Subject to compliance with applicable regulatory requirements and in accordance with National
Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Offered Securities are offered
for sale to purchasers resident in Canada and/or other qualif ying jurisdictions pursuant to the
listed issuer financing exemption under Part 5A of NI 45- 106 (the “ Listed Issuer Financing
Exemption”). Because the Offering is being completed pursuant to the Listed Issuer Financing
Exemption, the securities issuable from the sale of Offered Securities to Canadian resident
subscribers in the Offering will not be subject to a hold period pursuant to applicable Canadian
securities laws.
There is an offering document related to the Offering that can be accessed under the
Company’s profile at www.sedar plus.ca and on the Company’s website at
www.silvernorthres.com. Prospective investors should read this offering document before
making an investment decision.
The securities described herein have not been, and will not be, registered under the U.S.
Securities Act, as amended, or any state securities laws, and accordingly, may not be offered or
sold within the United States or the US persons except in compliance with the registration
requirements of the U.S. Securities Act and applicable state securities requirements or pursuant
to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation
to buy any securities in any jurisdiction.
About Silver North Resources Ltd.
Silver North’s primary assets are its 100% owned Haldane silver project (next to Hecla Mining
Inc.’s Keno Hill Mine project) , the Tim silver project (under option to Coeur Mining, Inc. in the
Silvertip/Midway District, BC and Yukon ) and the GDR project also in the Silvertip/Midw ay
district. Silver North also plans to acquire additional silver properties in favourable jurisdictions.
The Company is listed on the TSX Venture Exchange under the symbol “SNAG”, trades on the
OTCQB market in the United States under the symbol “TARSF”, and under the symbol “I90” on
the Frankfurt Stock Exchange.
Mr. Jason Weber, P.Geo., President and CEO of Silver North Resources Ltd. is a Qualified
Person as defined by National Instrument 43-101. Mr. Weber supervised the preparation of the
technical information contained in this release.
For further information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Fax: (888) 889-4874
To learn more visit: www.silvernorthres.com
X: https://twitter.com/SilverNorthRes
LinkedIn: https://www.linkedin.com/company/silvernorth-res-ltd/
NEITHER THE 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. STATEMENTS IN THIS
NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS
RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS,
MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD -LOOKING STATEMENTS ARE
BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND
UNCERTAINTIES INHERENT IN RESOURCE EXPLO RATION AND DEVELOPMENT. AS A RESULT,
ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD -
LOOKING STATEMENTS.