The net proceeds of the Brokered Private Placement are being held in escrow pending satisfaction of the escrow release conditions, which includes closing of the Transaction.
The Transaction is subject to a number of terms and conditions, including, among other things, the approval of the
Upon closing of the Transaction, the holders of the Subscription Receipts will receive one common share of Silverton (each a "Silverton Share") and one Silverton common share purchase warrant (each a "Silverton Warrant"). Each Silverton Warrant shall be exercisable for one Silverton Share at an exercise price of
In connection with the closing of the Brokered Private Placement, the Agents will receive a cash commission equal to 6% of the gross proceeds from the Brokered Private Placement. In addition, the Agents shall receive non-transferable common share purchase warrants equal to 6% of the number of Subscription Receipts issued under the Brokered Private Placement (each a "Broker Warrant"). Upon completion of the Transaction, each Broker Warrant will be exercisable into one Silverton Share at an exercise price of
Plymouth has submitted a filing statement to the Exchange for review and is working on completing the required filings with the Exchange to complete the proposed Transaction.
See Plymouth's news release dated
Trading in the shares of Plymouth is presently halted. The shares of Plymouth will remain halted until the Transaction is completed and approved by the Exchange.
About
Palisades Goldcorp is
Contact Information
Chief Executive Officer and Director
Tel: (604) 617-5421
Email: groehlig@gmail.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and, if applicable, pursuant to the requirements of the Exchange, shareholder approval. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.
Neither the
Forward-Looking Statements
Certain statements in this release are forward-looking statements or information, which include completion of the proposed Transaction, the satisfaction of the escrow release conditions, use of proceeds, regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, security threats, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, litigation, increase in operating costs, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. More particularly, this release contains statements concerning the anticipated Brokered Private Placement. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, Plymouth disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Plymouth undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
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