Silver North Announces Closing of Second 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 24-10
Silver North Announces Closing of Second Tranche of Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
Vancouver, BC, June 28, 2024 – Silver North Resources Ltd. (TSX -V: SNAG, OTCQB:
TARSF) “Silver North” or the “Company”) is pleased to announce that it has closed the second
tranche (the “ Second Tranche”) of its non -brokered private placement (the “ Offering”) for
gross proceeds of $175,880. Further to the Company’s news release dated June 21, 2024, the
Company has raised aggregate gross proceeds of $738,380 in the Offering.
In connection with the closing of the Second Tranche the Company issued 1,099,250 non-flow-
through units of the Company (the “ NFT Units” ) at a price of $0. 16 per NFT Unit for gross
proceeds of $175,880. Each NFT 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 Warrant entitles the holder thereof to purchase one Share (a “ Warrant Share”) until June
28, 2028 at an exercise price of $0.35 per Warrant Share.
“Management would like to thank those who participated in this financing as we continue to
push to make new silver discoveries,” stated Mark T. Brown, Executive Chairman of Silver
North. “With this continued support we can continue to add value drilling new high grade silver
targets and advancing existing discoveries such as West Fault, at our Haldane Silver Project,
Keno District, Yukon.”
The Company intends to use the proceeds from the Second Tranche for general corporate and
working capital purposes.
In connection with the closing of the Second Tranche the Company issued 10,500 finder’s
warrants (the “ Finder’s Warrants”) and paid a cash commission of $1,680 to Haywood
Securities Inc. Each Finder’s Warrant entitles the holder thereof to purchase one Share (a
“Finder’s Warrant Share”) at a price of $0.16 per Finder’s Warrant Share until June 28 , 2025.
The Finder’s Warrants issued in connection with the Second Tranche are subject to a st atutory
hold period and may not be traded until October 29 , 2024, except as permitted by applicable
securities legislation.
Jason Weber, CEO, President and a director of the Company and Pacific Opportunity Capital
Ltd., a company controlled by Mark Brown, a director of the Company ( collectively, the
“Interested Parties”), purchased or acquired direction or control over a total of 231,250 NFT
Units as part of the Second Tranche. The placement to the Interested Part ies constitutes a
“related party transacti on” within the meaning of Multilateral Instrument 61- 101 Protection of
Minority Security Holders in Special Transactions (“ MI 61-101”). Notwithstanding the foregoing,
the directors of the Company have determined that the Interested Part ies’ participation in the
Offering will be exempt from the formal valuation and minority shareholder approval
requirements of MI 61 -101 in reliance on the exemptions set forth in sections 5.5(a) and
5.7(1)(a) of MI 61 -101. The Company did not file a material change report 21 days prior to the
closing of the Second Tranche of the Offering as the details of the participation of Interested
Parties had not been confirmed at that time.
The Company anticipates closing a third 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 NFT Units.
Subject to compliance with applicable regulatory requirements and in accordance w ith National
Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the NFT Units and the charity flow -
through units (“ CFT Units” and together with the NFT Units, the “ Offered Securities”) are
offered for sale to purchasers resident in Canada and/or other qualifying 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 pur suant 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 compl iance 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/Midway
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://x.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 FUTU RE 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 EXPLORATION AND DEVELOPMENT. AS A RESULT,
ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD -
LOOKING STATEMENTS.