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Silver Mountain Mines Announces C$500,000 Private Placement
CALGARY, Alberta, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Silver Mountain Mines Inc. (TSX-V: SMM) ("Silver Mountain" or the "Company") is pleased to announce a non-br
About this update from Nevgold Corp
[{"type":"text","content":" CALGARY, Alberta, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Silver Mountain Mines Inc. (TSX-V: SMM) (\"Silver Mountain\" or the \"Company\") is pleased to announce a non-brokered private placement of up to 2,000,000 flow-through units (“Flow Through Unit”) at a price of $0.25 per unit and up to 500,000 Common Share Units (“Common Share Units”) at $0.25 per unit for total cash proceeds of up to $500,000 (the \"Offering\"). Each Flow-Through Unit consists of one common share of the Corporation to be issued on a flow-through basis (\"Flow-Through Share\") and one (1) common share purchase warrant. Each common share purchase warrant (\"Warrant\") entitles the holder to acquire, subject to adjustment, one Common Share at a price of $0.35 per share on or before 4:30 p.m. (Calgary time) on or before December 31, 2023 (the \"Expiry Date\"). Each Common Shares Unit consists of one common share of the Corporation (\"Common Share\") and one (1) Common Share purchase warrant. Each common share purchase warrant (\"CS Warrant\") entitles the holder to acquire, subject to adjustment, one Common Share at a price of $0.35 per share on or before 4:30 p.m. (Calgary time) on or before December 31, 2023 (the \"Expiry Date\"). “The current market is providing SMM an opportunity to re-evaluate all the data to better understand where the potential high grade mineralization exist and to further develop the potential of significant polymetallic manto/vein mineralization in a historically rich mineralized area. We continue to believe that the results we have amassed over several programs warrants new interpretations, to the south within Iron Cap basin and to the east , in the unexplored Law creek area. Strong historical occurrences of known high grade mineralization demonstrate the discovery potential for additional mineralized targets throughout the property,” says Steve Konopelky, Director of the company. Past reported results (www.silvermountainmines.com) of weighted average drill intercepts include 4.60 metres grading 1,949 g/t Ag, 0.803 g/t Au and 0.72 % Cu, including 0.33 metres grading 22,945 g/t Ag, 5.75 g/t Au and 8.24% Cu and 1.49 metres grading 5,919 g/t Ag, 1.87 g/t Au and 2.18% Cu in hole PT14-118. Additional mineralized intercepts have been documented from the following holes: PT14-112 with 1.34 metres grading 1,208 g/t of Ag, 2.35 g/t Au and 1.26%...