(TheNewswire)
Vancouver, BC, June 28, 2024 – TheNewswire – Silver NorthResources Ltd. (TSX-V: SNAG, OTCQB: TARSF) “ Silver North ” or the “ Company ”) is pleased to announcethat it has closed the second tranche (the “ Second Tranche ”) of itsnon-brokered private placement (the “ Offering ”) for gross proceeds of $175,880. Further to theCompany’s news release dated June 21, 2024, the Company has raisedaggregate gross proceeds of $738,380 in the Offering.
In connection with the closing of the Second Tranche the Companyissued 1,099,250 non-flow-through units of the Company (the “ NFT Units ”) at a price of $0.16per NFT Unit for gross proceeds of $175,880. Each NFT 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 Warrant entitles the holderthereof to purchase one Share (a “ Warrant Share ”) until June 28, 2028 at an exercise price of$0.35 per Warrant Share.
“Management would like to thank those who participated in thisfinancing as we continue to push to make new silver discoveries,”stated Mark T. Brown, Executive Chairman of Silver North. “With thiscontinued support we can continue to add value drilling new high gradesilver targets and advancing existing discoveries such as West Fault,at our Haldane Silver Project, Keno District, Yukon.”
The Company intends to use the proceeds from the Second Tranche forgeneral corporate and working capital purposes.
In connection with the closing of the Second Tranche the Companyissued 10,500 finder’s warrants (the “ Finder’s Warrants ”) and paid acash commission of $1,680 to Haywood Securities Inc. Each Finder’sWarrant entitles the holder thereof to purchase one Share (a “ Finder’s Warrant Share ”) at aprice of $0.16 per Finder’s Warrant Share until June 28, 2025. TheFinder’s Warrants issued in connection with the Second Tranche aresubject to a statutory hold period and may not be traded until October29, 2024, except as permitted by applicable securities legislation.
Jason Weber, CEO, President and a director of the Company and PacificOpportunity Capital Ltd., a company controlled by Mark Brown, adirector of the Company (collectively, the “ Interested Parties ”), purchased oracquired direction or control over a total of 231,250 NFT Units aspart of the Second Tranche. The placement to the Interested Partiesconstitutes a “related party transaction” within the meaning ofMultilateral Instrument 61-101 Protection of Minority Security Holdersin Special Transactions (“ MI61-101 ”). Notwithstanding the foregoing, the directors of theCompany have determined that the Interested Parties’ participationin the Offering will be exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101 in reliance on theexemptions set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101.The Company did not file a material change report 21 days prior to theclosing of the Second Tranche of the Offering as the details of theparticipation of Interested Parties had not been confirmed at thattime.
The Company anticipates closing a third 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 be NFT Units.
Subject to compliance with applicable regulatory requirements and inaccordance with National Instrument 45-106 – Prospectus Exemptions(“ NI 45-106 ”), the NFTUnits and the charity flow-through units (“ CFT Units ” and together with theNFT Units, the “ OfferedSecurities ”) are offered for sale to purchasers resident inCanada and/or other qualifying jurisdictions pursuant to the listedissuer financing 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 theOffering that can be accessed under the Company’s profile atwww.sedarplus.ca and on the Company’s website atwww.silvernorthres.com. Prospective investors should read thisoffering document before making an investment decision.
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 theSilvertip/Midway District, BC and Yukon) and the GDR project also inthe Silvertip/Midway district. Silver North also plans to acquireadditional 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.
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