Business
Silver Bullet Mines Announces Closing on Debenture
Burlington, Ontario--(Newsfile Corp. - May 14, 2024) - Silver Bullet Mines Corp. (TSXV: SBMI) (OT...
About this update from Silver Bullet Mines Corp
[{"type":"text","content":"Silver Bullet Mines Announces Closing on DebentureBurlington, Ontario--(Newsfile Corp. - May 14, 2024) - Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) ('SBMI' or 'the Company') is pleased to announce it has closed on the Debenture financing announced April 8, 2024. Please see that press release for the characteristics of the Debenture. The amount closed upon is $940,000.Cash commissions of $6,450 were paid and 53,750 broker warrants were issued in connection with this financing. The use of proceeds is to continue work at the Buckeye Silver Mine in Arizona, to begin work at the former producing Washington Mine in Idaho, and for working capital.Work continues at the Buckeye Silver Mine in Arizona to implement the recommendations from MSHA. To date this work has progressed on the expected timeline on the expected budget.At the mill site, and as per SBMI's press release of May 2, 2024, test processing continues on the material taken from an arm's length party's historical mine site. The Company intends to be able to provide more definitive data on this material in the near future.In its press release filed at SEDAR+ on February 26, 2024, the Company announced it had reached an extension agreement with the holder of the debenture initially due February 6, 2024, which debenture was extended to June 30, 2024 at a conversion price of $0.10. This extension agreement was dated January 16, 2024 with interest at 11.0% per annum effective January 1, 2024.For further information, please contact:John CarterSilver Bullet Mines Corp., [email protected]+1 (905) 302-3843 Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets [email protected]+1 (416) 890-1232Cautionary and Forward-Looking StatementsThis news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management's current expectation of future events, and can be identified by words such as \"believe\", \"expects\", \"will\", \"intends\", \"plans\", \"projects\", \"anticipates\", \"estimates\", \"continues\" and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.By their nature, forward...