Silver One Closes $4.3 Million Private Placement Financing
Silver One Closes $4.3 Million Private Placement
Financing
Vancouver, British Columbia--(Newsfile Corp. - October 20, 2017) - Silver One Resources Inc. (TSXV: SVE) (OTC Pink:
SLVRF) (FSE: BRK1) ("Silver One") is pleased to announce that it has closed its oversubscribed non-brokered private
placement by issuing 10,750,000 units ("Units") at a price of C$0.40 per Unit for gross proceeds of C$4,300,000 (the
"Financing").
Greg Crowe, President and CEO of Silver One commented: "We are very pleased with the success of the Financing and the
positive support received from our existing and new shareholders.
With the closing of the Financing, Silver One is now in a
strong position to advance its flagship project, the past-producing Candelaria silver mine in Nevada.
Surface exploration is
currently underway and we intend to begin drilling the old leach pads in Q4/2017, with metallurgical testing to commence by year
end.
Additionally, numerous old workings that occur along strike from the open-pits will be examined to potentially add additional
silver resources."
In addition to being used to advance the Candelaria project, net proceeds from the Financing are also expected to be used for
surface exploration currently underway at the Peñasco Quemado project in Mexico, and general corporate purposes.
Under the financing, each Unit is comprised of one common share of the Company and one-half of one transferable common
share purchase warrant (each whole warrant, a "Warrant").
Each Warrant will entitle the holder to purchase one additional
common share of the Company (a "Warrant Share") at C$0.60 per share for a period of three (3) years from the date of issue.
All securities issued in connection with the private placement will be subject to a four-month statutory hold period expiring on
February 21, 2018.
The Company also paid finders a fee of $15,050 under the private placement.
About Silver One
Silver One is a silver focused exploration company that holds an option to acquire a 100% interest in the past producing
Candelaria Silver Project, located in Nevada, from SSR Mining Inc. (formerly, Silver Standard Resources Inc.) and a 100%
interest in three significant silver assets located in Mexico: Penasco Quemado in the State of Sonora, La Frazada in the State of
Nayarit, and Pluton in the State of Durango. The Mexican mining assets were acquired from First Mining Financing, which
became a key shareholder as a result of the transaction.
For more information, please contact:
Silver One Resources Inc.
Monica Hamm
VP, Investor Relations
Phone: (604) 974-5274
Email:
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of
this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not
guarantees of future performance. Silver One cautions that all forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many of which are beyond Silver One's control. Such factors
include, among other things: risks and uncertainties relating to Silver One's limited operating history, obtaining the necessary
permits to carry out its activities and the need to comply with environmental and governmental regulations.
Accordingly, actual
and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed
or implied in the forward looking information. Except as required under applicable securities legislation, Silver One undertakes
no obligation to publicly update or revise forward-looking information.
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.