Business
Silver Bullet Mines Corp. New Auditors and Extension of Oversubscribed Financing
Burlington, Ontario--(Newsfile Corp. - March 25, 2022) - Silver Bullet Mines Corp. (TSXV: SBMI...
About this update from Silver Bullet Mines Corp
[{"type":"text","content":"Silver Bullet Mines Corp. New Auditors and Extension of Oversubscribed FinancingBurlington, Ontario--(Newsfile Corp. - March 25, 2022) - Silver Bullet Mines Corp. (TSXV: SBMI) ('SBMI' or 'the Company') announces an extension to close on the final tranche of its previously announced financing (the \"Financing\"). The Company has closed on two tranches already in the Financing and has outstanding subscription agreements in hand. The total amount when adding the cash from those two tranches and the outstanding subscription agreements is $2,518,903.The TSX Venture Exchange has granted an extension to April 1, 2022 to allow SBMI to physically gather all payments for its outstanding subscription agreements. This is purely a logistical issue. There will be no new subscription agreements in the Financing.\"We thank the shareholders for their continued faith in our business plan and in our ability to execute on it,\" said A. John Carter, SBMI's CEO. \"The funds raised in this financing have been budgeted to put the Buckeye Mine into production, to complete our mill, and to advance the Washington Mine in Idaho in the near-term to where it can be ready for mineral extraction.\"The oversubscribed total represents 6,297,258 Units, with each Unit priced at $0.40 (forty cents). Each Unit consists of one common share and one full 60-cent (sixty cent) warrant with a 24-month term, with each such warrant being exercisable into a common share (the \"Financing\"). There is no acceleration clause on such warrants.The Financing had an original minimum-maximum of $500,000 and $2,000,000 respectively. The Financing was oversubscribed by more than 25% of the original maximum.In connection with the Financing a total of 79,130 broker warrants were issued as referral fees to registrants, with such warrants having the same characteristics as those issued in the Financing. A total of $73,352 was also paid in cash as referral fees.The strength of the Financing enables SBMI to implement additions to its mill in Arizona to increase recoverability. The modular nature of the mill allows such additions to be made relatively quickly. Management is of the opinion that the positive results of such improvements justify a minor delay to the start of processing material from the Buckeye Mine.SBMI also announces that Grant Thornton LLP (the \"Successor Auditor\") have be...