(TheNewswire)
NOTFOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION INTHE UNITED STATES
Vancouver, BC, June 6, 2024 – TheNewswire – Silver North Resources Ltd. (TSX-V: SNAG,OTCQB: TARSF) “ SilverNorth ” or the “ Company ”) is pleased to announce a non-brokered privateplacement (the “ Offering ”)for aggregate gross proceeds of up to $1,250,000 from the sale of thefollowing:
(i) non-flow-through units of the Company (the “ NFT Units ”) to be sold at a priceof $0.16 per NFT Unit for gross proceeds of up to $250,000 from thesale of NFT Units; and (ii) charity flow-through units of the Company(the “ CFT Units ”, andtogether with the NFT Units, the “ Offered Securities ”) to be sold at a price of $0.225 perCFT Unit for gross proceeds of up to $1,000,000 from the sale of CFTUnits. Each NFT Unit will be comprised of one common share in thecapital of the Company (each, a “ Common Share ”) and one common share purchase warrant (a“ Warrant ”). Each CFT Unitwill be comprised of one Common Share that will qualify as a“flow-through share” within the meaning of subsection 66(15) ofthe Income Tax Act (Canada) (the “ Tax Act ”) and one Warrant. The Warrants for all units willbe subject to the same terms, with each Warrant entitling the holderthereof to purchase one Common Share (a “ Warrant Share ”) for a period of 48months from the issue date of the Offered Securities at an exerciseprice of $0.35 per Warrant Share.
The Company intends to use the gross proceeds raised from the sale ofCFT Units for exploration and related programs on the Company’sHaldane and GDR mineral properties. The gross proceeds from the saleof NFT Units will be used for working capital and general corporatepurposes.
The Company will use an amount equal to the gross proceeds from thesale of CFT Units, 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 arereduced by the Canada Revenue Agency, the Company will indemnify eachCFT Unit subscriber for any additional taxes payable by suchsubscriber as a result of the Company’s failure to renounce theQualifying Expenditures as agreed.
The Company may pay finders’ fees comprised of cash andnon-transferable warrants in connection with the Offering, subject tocompliance with the policies of the TSX Venture Exchange (“ TSXV ”). Completion of the Offeringand the payment of any finders’ fees remain subject to the receiptof all necessary regulatory approvals, including the approval of theTSXV.
Subject to compliance with applicable regulatory requirements and inaccordance with National Instrument 45-106 – Prospectus Exemptions (“ NI 45-106 ”), the OfferedSecurities will be 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 Twitter: https://twitter.com/SilverNorthRes
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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