Mirasol Resources Announces Receipt of Common Shares of Silver Sands Resources Corp. and Now Holds 12.9%

About this update from Mirasol Resources Ltd

[{"type":"text","content":" VANCOUVER, British Columbia, May 24, 2022 (GLOBE NEWSWIRE) -- Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company” or “Mirasol”) today announced it has been issued 3,827,462 common shares of Silver Sands Resources Corp. (“Silver Sands”), representing 5% of the issued and outstanding share capital of Silver Sands on May 20, 2022. The shares were issued pursuant to the terms of a mineral option agreement (the “Option Agreement”) dated May 20, 2020, as partial consideration for the grant by Mirasol of an option (the “Option”) to Silver Sands to acquire an undivided 100% interest in Mirasol’s Virginia Property, located in Santa Cruz province, Argentina. Immediately before the issuance, Mirasol held 6,550,481 common shares of Silver Sands, representing approximately 8.6% of the issued common share capital of Silver Sands. Following the issuance, Mirasol holds an aggregate of 10,377,943 common shares of Silver Sands, representing approximately 12.9% of the issued common share capital of Silver Sands (determined on a non-diluted basis). Silver Sands has 80,376,711 common shares outstanding on an undiluted basis and 100,572,745 common shares outstanding on a fully diluted basis. On a fully diluted basis, Mirasol holds approximately 10.3% of the common share capital of Silver Sands.   Mirasol received the Silver Sands shares pursuant to the Option Agreement and holds the shares for investment purposes. The Option Agreement provides for the issuance to Mirasol of 19.9% of the common share capital of Silver Sands in stages over a period of three years from the date of the Option Agreement, if the Option is fully exercised by Silver Sands (see news release May 21, 2020). Upon completion of the option Mirasol will retain a 3% NSR royalty. An early warning report will be filed by Mirasol in accordance with applicable securities laws (the “Early Warning Report”). Mirasol holds the Silver Sands common shares for investment purposes. Mirasol may, from time to time, acquire additional common shares or other securities of Silver Sands or dispose of some or all of the common shares or other securities of Silver Sands that it owns at such time. Subject to its rights under the Option Agreement, Mirasol currently has no other plans or intentions that relate to or would result in any of the actions listed in paragraphs (a) throu...

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