The completed Offering includes the exercise in full of the Underwriters' (as defined herein) over-allotment option for the sale of 3,750,000 Units for proceeds of
Each Unit consists of one common share of the Company (each, a 'Common Share') and one half of one Common Share purchase warrant (each whole warrant, a 'Warrant'). Each Warrant entitles the holder thereof to purchase one Common Share of the Company at a price of
The Offering was conducted by
The Offering was completed pursuant to a prospectus supplement of the Company dated
The net proceeds raised under the Offering will be used by the Company to complete the final option payment on the Company's flagship Tonopah West project ('Tonopah West') in
One insider of the Company purchased or acquired direction and control over a total of 75,000 Units under the Offering. The sale to such person constitutes a 'related party transaction' within the meaning of TSX-V Policy 5.9 (the 'Policy') and Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions ('MI 61-101') adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related party, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
The securities offered pursuant to the Offering have not been, nor will they be, registered under the
About
Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration company driven to add shareholder value via the drill bit. With 6.12 million tonnes grading 508.5 g/t silver equivalent[1] at its Tonopah West project, and a new bonanza-grade gold discovery at its
Contact:
President & Chief Executive Officer
Tel: 604 817-6044
Email: andrew@blackrocksilver.com
Forward-Looking and Cautionary Statements
This news release contains 'forward-looking statements' within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the anticipated use of proceeds from the Offering and receipt of final approval from the TSX-V. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, including the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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