Mr.
The Offering was led by
Each Unit will be comprised of one common share of the
The net proceeds from the Offering are expected to be used for exploration, corporate development, and general working capital purposes.
'Closing this financing places the Company in a strong position to aggressively drill two high-grade silver projects in
In connection with the Offering, the Agents received an aggregate cash fee in an amount equal to 6.0% of the gross proceeds from the Offering. In addition, the Company granted the Agents non-transferable compensation warrants (the 'Compensation Warrants') in an amount equal to 6.0% of the total number of Units sold pursuant to the Offering. Each Compensation Warrant entitles the holder thereof to purchase one Common Share at an exercise price of
The Offering constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101') as insiders of the Company subscribed for 2,247,200 Units pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by the insider does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the '
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Cautionary note regarding forward-looking statements
This news release contains certain 'forward looking statements' and certain 'forward-looking information' as defined under applicable Canadian and
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions and other related risks and uncertainties.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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