Each Unit consists of one (1) common share (“Share”) and one-half (1/2) of one common share purchase warrant (each whole share purchase warrant, a “Warrant”), with each whole Warrant entitling the holder to purchase one (1) additional common share (a “Warrant Share”) at $0.80 per Warrant Share for a period of three years from the date of issuance.
The securities issued under the Offer to Canadian subscribers are not subject to a hold period in Canada as the Units were offered pursuant to Part 5A of National Instrument 45-106 – Prospectus exemptionsas amended by Coordinated General Order 45-935, Exemptions from certain conditions of the publicly traded issuer financing exemption, to purchasers resident in Canada (excluding the Province of Quebec). As part of the entire offering, the company paid the finders cash compensation totaling $1,834,754. No finder’s warrants have been issued.
The net proceeds from the Offering will be used for (i) the drilling program at the Candelaria Project; (ii) certain exploration and geophysics work on its mineral properties; (iii) metallurgical and environmental works at the Candelaria Project, (iv) preparing a pre-feasibility study on the Candelaria Project; (v) annual mineral claim payments to the Bureau of Land Management; (vi) exploration drilling in the Company’s mineral properties and (vii) general working capital purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful, including the United States of America. The securities offered as part of the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any state securities laws, and accordingly may not be offered or sold in the United States except in accordance with the registration requirements of the US Securities Act and any applicable state securities laws, or pursuant to available exemptions therefrom.
About Silver
Silver One focuses on the exploration and development of high-quality silver projects. The company has a 100% interest in its flagship project, the past-producing Candelaria mine in Nevada. Potential reprocessing of silver from the historic Candelaria leach pads provides opportunities for potential near-term production. Additional opportunities lie in the previously identified high-grade silver intercepting the downdip and potentially increasing substantial silver mineralization during the strike of the two past producing open-pit mines.
The company has filed 636 lode claims and entered into a lease/purchase agreement to acquire five patented claims on its Cherokee project in Lincoln County, Nevada, which is home to multiple silver-copper-gold vein systems, which have been traced to date for more than 7 miles.
Silver One also owns a 100% interest in the Silver Phoenix Project. The Silver Phoenix Project is a very high-grade native silver project located within the “Arizona Silver Belt”, immediately adjacent to the prolific copper producing area of Globe, Arizona.
Forward-Looking Statements
The information in this press release contains forward-looking statements that are based on assumptions as of the date of this press release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Silver One cautions that all forward-looking statements are inherently uncertain and actual performance may be affected by a number of material factors, many of which are beyond Silver One’s control. Such factors include, among others: risks and uncertainties relating to Silver One’s limited operating history, the ability to obtain sufficient financing to carry out the exploration and development objectives of its mineral properties, obtaining the necessary permits to conduct its operations and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities laws, Silver One undertakes no obligation to publicly update or revise any forward-looking information.
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