(TheNewswire)
Vancouver, BC, June 21,2024 – TheNewswire – Silver North Resources Ltd. (TSX-V: SNAG,OTCQB: TARSF) “ SilverNorth ” or the “ Company ”) is pleased to announce that further to its newsrelease dated June 5, 2024, it has closed the first tranche (the“ First Tranche ”) of itsnon-brokered private placement (the “ Offering ”) for gross proceeds of $562,500.
In connection with the closing of the First Tranche the Company issued2,500,000 charity flow-through units of the Company (the “ CFT Units ”) at a price of $0.225per CFT Unit for gross proceeds of $562,500. Each CFT Unit iscomprised of one common share in the capital of the Company (a“ Share ”) and one commonshare purchase warrant (a “ Warrant ”) of the Company, each of which will qualify as a“flow-through share” within the meaning of subsection 66(15) ofthe Income Tax Act (Canada)(the “ Tax Act ”). EachWarrant entitles the holder thereof to purchase one Share (a “ Warrant Share ”) until June 21,2028 at an exercise price of $0.35 per Warrant Share.
“Management would like to thank those who participated thisoffering,” stated Jason Weber, P.Geo., president and CEO of SilverNorth. “These funds allow Silver North to continue to build onhigh-grade silver targets such as the West Fault discovery at theHaldane Silver Project in Yukon’s famous Keno Silver District.”
The Company will use an amount equal to the gross proceeds from theFirst Tranche, pursuant to the provisions in the Tax Act, to incureligible “Canadian exploration expenses” that qualify as“flow-through mining expenditures” as both terms are defined inthe Tax Act (the “ QualifyingExpenditures ”) related to the Company's projects in theYukon, on or before December 31, 2025, and to renounce all theQualifying Expenditures in favour of the subscribers of the CFT Unitseffective December 31, 2024. If the Qualifying Expenditures renouncedby the Company to the CFT Unit subscribers are reduced by the CanadaRevenue Agency, the Company will indemnify each CFT Unit subscriberfor any taxes payable by such subscriber.
In connection with the closing of the First Tranche the Company issued105,000 finder’s warrants (the “ Finder’s Warrants ”) and paid a cash commission of $16,800to certain arm’s length finders, including Red Cloud SecuritiesInc., Glores Securities Inc. and Ventum Financial Corp. EachFinder’s Warrant entitles the holder thereof to purchase one Share(a “ Finder’s WarrantShare ”) at a price of $0.16 per Finder’s Warrant Shareuntil June 21, 2025. The Finder’s Warrants issued in connection withthe First Tranche are subject to a statutory hold period and may notbe traded until October 22, 2024, except as permitted by applicablesecurities legislation.
The Company anticipates closing a second tranche of the Offeringshortly, subject to customary closing conditions, including theapproval of the TSX Venture Exchange (“ TSXV ”). The Company anticipatesthat the securities issued in subsequent tranches will benon-flow-through units of the Company (the “ NFT Units ” and together with theCFT Units, the “ OfferedSecurities ”) as more fully described in the Company’s June5, 2024 news release.
Subject to compliance with applicable regulatory requirements and inaccordance with National Instrument 45-106 – Prospectus Exemptions (“ NI 45-106 ”), the OfferedSecurities are offered for sale to purchasers resident in Canadaand/or other qualifying jurisdictions pursuant to the listed issuerfinancing exemption under Part 5A of NI 45-106 (the “ Listed Issuer FinancingExemption ”). Because the Offering is being completed pursuantto the Listed Issuer Financing Exemption, the securities issuable fromthe sale of Offered Securities to Canadian resident subscribers in theOffering will not be subject to a hold period pursuant to applicableCanadian securities laws.
There is an offering document related to the Offering that can beaccessed under the Company’s profile at www.sedarplus.ca and on theCompany’s website at www.silvernorthres.com. Prospective investorsshould read this offering document before making an investmentdecision.
The securities described herein have not been, and will not be,registered under the U.S. Securities Act, as amended, or any statesecurities laws, and accordingly, may not be offered or sold withinthe United States or the US persons except in compliance with theregistration requirements of the U.S. Securities Act and applicablestate securities requirements or pursuant to exemptions therefrom.This press release does not constitute an offer to sell or asolicitation to buy any securities in any jurisdiction.
About Silver North Resources Ltd.
Silver North’s primary assets are its 100% owned Haldane silverproject (next to Hecla Mining Inc.’s Keno Hill Mine project), theTim silver project (under option to Coeur Mining,
Inc. in the Silvertip/Midway District, BC and Yukon) and the GDRproject also in the Silvertip/Midway district. Silver North also plansto 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 thesymbol “TARSF”, and under the symbol “I90” on the FrankfurtStock Exchange.
Mr. Jason Weber, P.Geo., President and CEO of Silver North ResourcesLtd. is a Qualified Person as defined by National Instrument 43-101.Mr. Weber supervised the preparation of the technical informationcontained 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:
LinkedIn: https://
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THEPOLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. STATEMENTS IN THIS NEWS RELEASE, OTHER THANPURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THECOMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDEFORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ONNUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS ANDUNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS ARESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THEFORWARD- LOOKING STATEMENTS.
NOTFOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION INTHE UNITED STATES
Copyright (c) 2024 TheNewswire - All rights reserved.