Silver Mountain Mines Announces Closing of Its Private Placement and Completion of the Winter Drilling Program
06 Gennaio 2014 - 3:00PM
Marketwired
Silver Mountain Mines Announces Closing of Its Private Placement
and Completion of the Winter Drilling Program
CALGARY, ALBERTA--(Marketwired - Jan 6, 2014) - Silver Mountain
Mines Inc. (TSX-VENTURE:SMM) ("Silver Mountain" or the "Company")
announces the closing of the non-brokered private placement
flow-through share offering dated November 26, 2013, where the
Company raised $437,450.
Each Unit consists of one common share ("Common Share") of the
Company to be issued on a flow-through basis (each, a "Flow-Through
Share") and one half (1/2) of a Common Share purchase warrant (Each
full Warrant entitles the holder thereof to acquire, subject to
adjustment, one Common Share at a price of $0.15 per Common Share
on or before 4:30 p.m. (MST) on the date December 31st, 2016 (the
"Expiry Date") except that, in the event the Common Shares of the
Corporation as quoted on the TSX Venture Exchange close at or above
$0.20 per Common Share for twenty one (21) consecutive trading
days, then the Company may, at its election, accelerate the Expiry
Date upon not less than 30 days written notice to each subscriber.
The securities issued in the Offering will be subject to a hold
period of four months plus one day from closing and are further
subject to such other applicable regulatory and TSX Venture
Exchange approval and completion of definitive documentation.
"We are very pleased with Silver Mountain's previously announced
2013 drill program to assess the Dunwalk anomalies on its Ptarmigan
Property (see News Release dated November 26, 2013). The drill
results will support the Company's initiatives to further evaluate
the gravity data and plan for the 2014 exploration program,"stated
Steve Konopelky, President and CEO.
The Company also has a cash position of $1.65 million with zero
debt. The Company has signed a contract with FronTier Merchant
Capital Group ("FronTier"), a Toronto-based financial marketing
firm. The objective of the contract is to increase the visibility
of Silver Mountain's business plan with the financial community and
to assist the Company in its ongoing financing efforts. The
consideration is $5,000 per month over a 12 month term. FronTier
has also been granted 250,000 stock options under the Company stock
option incentive plan. This appointment is subject to the approval
of the TSX Venture Exchange.
About Silver Mountain Mines Inc. (TSX-VENTURE:SMM)
Silver Mountain Mines Inc. is a Canadian based exploration
and development company with 100% ownership of a 9,300 hectare
property centered on the historical silver rich Ptarmigan Mine in
south eastern, British Columbia. The property hosts two styles of
mineralization: silver rich, high-grade polymetallic epithermal
veins and manto style massive / semi-massive sulphide
mineralization.
For further information on Silver Mountain Mines Inc. please
visit the Company's website www.silvermountainmines.com and SEDAR
(www.sedar.com).
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
These statements are based on a number of assumptions and factors
that could cause actual results to differ materially from those in
forward looking statements Silver Mountain Mines Inc. does not
assume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise, except to the extent required by applicable
law.
Neither the TSX-Venture Exchange nor its Regulation Services
Provider, as per the term defined in the policies of the TSX
Venture Exchange, accepts responsibility for the adequacy or
accuracy of the release.
ON BEHALF OF THE BOARD
Steve Konopelky, President and CEO
Silver Mountain Mines Inc.Mr. Steve KonopelkyPresident &
CEO+1 403 229 9140www.silvermountainmines.com
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