SSRSF - Silver Sands Announces Stock Option Grants to Directors and Consultants and Proceeds with Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - February 15, 2024) - Silver Sands Resources Corp. (CSE: SAND) (the "Company" or "Silver Sands") is pleased to announce that it has today granted an aggregate of 650,000 incentive share purchase options to directors and consultants at an exercise price of $0.085 per common share with a term of five years expiring on February 15, 2029. All shares issued pursuant to any exercise of options will be subject to a four-month and one-day hold period expiring June 16, 2024.
Debt Settlement Transaction
The Company has entered into debt settlement agreement with two directors and one consultant of the Company, the latter being an arm's length third party, pursuant to which the Company has agreed to issue an aggregate of 1,152,941 common shares (each, a "Share") at a deemed price of $0.085 per Share, to settle a total indebtedness of CAD$98,000.00 (the "Transaction").
The Company determined to satisfy this outstanding indebtedness with Shares to preserve its cash for operations. The Transaction is subject to the approval of the Canadian Securities Exchange. All Shares issued pursuant to the Transaction will be subject to a four-month and one-day hold period.
About Silver Sands Resources Corp.
Silver Sands is a Canada-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in mining-friendly jurisdictions. Its objective is to locate and develop economic precious and base metal properties of merit. Its key asset is the 6,400 hectare Corner Pocket copper-zinc-silver massive sulfide project, 25 km to the WNW of Corner Brook, Newfoundland. Corner Pocket is contiguous to the west, east and south of the York Harbour Metals Inc., massive sulfide project.
On Behalf of the Board of Directors
Keith Anderson
Chief Executive Officer, Director
For further information, please contact:
Keith Anderson
Chief Executive Officer, Director (604) 786-7774
Forward-Looking Statements:
The information in this news release contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and to policies linked to pandemics, social and environmental related matters. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Silver Sands disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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