Silver Viper Closes $3.5 Million Private Placement
/NOT FOR DISTRIBUTION TO
Each Unit consisted of one common share of the Company (each, a "Share") and one half of one warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Share from the Company at a price of
The Issuer intends to use the proceeds from the Offering for drilling and other exploration activities at La Virginia and for working capital and other general corporate purposes.
As consideration for their services in connection with the Offering, the Finders received a total cash commission of $4,200 and were issued 72,000 Finder's Units (the "Finder's Units") of the Company. The Finder's Units have the same terms as the Units issued to subscribers in the Offering and bears a legend indicating that they are subject to a trading restriction for a period of 12 months following the closing.
Insiders of the Company subscribed for a total of 200,000 Units. Participation by the insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Company is relying on the exemptions from the 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, as the fair market value of the participation in the Private Placement by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "
About the Company
ON BEHALF OF THE BOARD OF DIRECTORS,
President and CEO
Follow us on social media:
X: @SilverViperCorp
LinkedIn:
Facebook:
YouTube: @SilverViperMinerals
Neither
Forward Looking Information
This news release may contain forward-looking statements, including statements with respect to the terms of the Offering, closing of the Offering and use of proceeds of the Offering. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Such factors include, among other things: risks and uncertainties relating to exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in the Company's financial statements, management discussion and analysis and/or annual information form available on www.sedar.com. The risk factors identified in such documents are not intended to represent a complete list of factors that could affect the Company. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law.
SOURCE