Pursuant to both tranches of the Private Placement, the Company issued an aggregate of 33,005,467 Units for gross proceeds of
Each Unit consists of one common share in the capital of the
In connection with the Private Placement, the Company paid fees to eligible finders consisting of an aggregate of: (i)
All securities issued pursuant to the Second Tranche of the Private Placement, including the Finder's Shares, are subject to hold period expiring on
The Company intends to use the net proceeds from the Second Tranche for metallurgical and engineering studies on the Berenguela Silver-Copper-Manganese project in southern
Certain directors, officers and other insiders of the Company ('Interested Parties') purchased or acquired direction or control over a total of 80,000 Units as part of the Second Tranche of the Private Placement. The placement to those persons constitutes a 'related party transaction' within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('MI 61-101'). Notwithstanding the foregoing, the directors of the Company have determined that the Interested Parties' participation in the Second Tranche of the Private Placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(b) of MI 61-101. The Company did not file a material change report 21 days prior to the closing of the Second Tranche of the Private Placement as the details of the participation of Interested Parties had not been confirmed at that time.
Exercise of Warrants
The Company also wishes to announce the exercise of 3,068,400 previously issued Common Share purchase warrants of the Company exercisable at
About
Berenguela Silver-Copper project. The Company has an option to acquire a 100% interest through a binding agreement with
Challacollo Silver-Gold project. The Company recently completed the acquisition of a 100% interest in the Challacollo silver-gold project from
Cachinal Silver-Gold project. The Company owns a 100% interest in the Cachinal Ag-Au project, located 2.5 hours south of Antofagasta. On
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Tel: 604-484-7855
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as 'intends' or 'anticipates', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'should', 'would' or 'occur'. This information and these statements, referred to herein as 'forward-looking statements', are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the Company's use of proceeds raised under the Second Tranche of the Private Placement including completing metallurgical and engineering studies at Berenguela.
These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty, that the Company will not utilize the proceeds raised under the Second Tranche of the Private Placement as currently anticipated including for the purpose of completing metallurgical and engineering studies at Berenguela.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will use the proceeds of the Second Tranche of the Private Placement as currently anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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