(TheNewswire)
Vancouver, BC - TheNewswire - October 19, 2023 - Silver North ResourcesLtd. (TSX-V:SNAG ) ( OTC:TARSF) (“ SilverNorth ” or the “ Company ”) ispleased to report that it has closed the first tranche of thefinancing originally announced on August 29, 2023.
The Company raised a total of $815,000 including$500,000 from the sale of “Units” at $0.20 per Unit, and $315,000from the sale of “Flow Through shares” at $0.20 per Flow ThroughShare for a total of 4,075,000 shares and 1,250,000 warrants issued.
Each $0.20 Unit is comprised of one common share andone half of a common share purchase warrant. Each full common sharepurchase warrant entitles the holder to purchase one common share for$0.30 per common sh are until October 19, 2026. The common share purchasewarrants are non-transferable. All securities are subject to afour-month hold expiring on February 19, 2024.
Each Flow Through share was issued at $0.20 and theproceeds will be spent on Canadian Exploration Expenditures as definedin the Income Tax Act, Canada.
A director and an officer of the Company purchased oracquired direction and control over a total of 170,000 Units and60,000 Flow Through shares under the private placement. The placementto those persons constitutes a “related party transaction” withinthe meaning of TSX Venture Exchange Policy 5.9 and MultilateralInstrument 61-101 - Protectionof Minority Security Holders in Special Transactions (“MI 61-101”) adopted in the Policy. The Company hasrelied on exemptions from the formal valuation and minorityshareholder approval requirements of MI 61-101 contained in sections5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related partyparticipation in the placement as neither the fair market value (asdetermined under MI 61-101) of the subject matter of, nor the fairmarket value of the consideration for, the transaction, insofar as itinvolved the related parties, exceeded 25% of the Company's marketcapitalization (as determined under MI 61-101).
This news release does not constitute an offer ofsecurities for sale in the United States. The securities being offeredhave not been, nor will they be, registered under the United StatesSecurities Act of 1933, as amended, and such securities may not beoffered or sold within the United States absent U.S. registration oran applicable exemption from U.S. registration requirements.
About Silver North Resources Ltd.
Silver North’s primary assets are its 100% ownedHaldane silver project and the Tim silver project (under option toCoeur Mining, Inc.). Silver North also holds gold and base metalprojects in Yukon Territory, Colorado and Nevada and is activelyseeking partners for them. Silver North also holds certain royaltieson projects in North and South America.
The Company is listed on the TSX Venture Exchange underthe symbol “SNAG” and trades on the OTCQB market in the US underthe symbol “TARSF”.
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:
LinkedIn:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONSERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXVENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACYOF THIS RELEASE. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELYHISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'SFUTURE 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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