Business
Mula Mining Corp. Announces Disposition of Shares of Silver Mountain Resources Inc. to Its Own Shareholders
Toronto, Ontario--(Newsfile Corp. - August 8, 2023) - This news release is being disseminated as ...
About this update from Silver Mountain Resources, Inc. Class A
[{"type":"text","content":"Mula Mining Corp. Announces Disposition of Shares of Silver Mountain Resources Inc. to Its Own ShareholdersToronto, Ontario--(Newsfile Corp. - August 8, 2023) - This news release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report regarding class A common shares (the \"Common Shares\") in the capital Silver Mountain Resources Inc. (the \"Issuer\"), having a head office address located at 82 Richmond Street East, Toronto, ON M5C 1P1. On August 4, 2023, Mula Mining Corp. (the \"Company\") entered into agreements with all of the shareholders of the Company (the \"Company Shareholders\"), pursuant to which the Company transferred the beneficial ownership, direction and control of 13,750,000 Common Shares (the \"Disposed Shares\"), representing 6.32% of the issued and outstanding Common Shares of the Issuer (the \"Disposition\"). The Disposition took place to allow the Company Shareholders to hold their interest in the Common Shares directly. The Disposed Shares were transferred at $0.093 per share. The Company will continue to be the registered owner of the Disposed Shares as nominee for a period of time following the Disposition.Immediately prior to the Disposition, the Company beneficially and directly owned and controlled 25,000,000 Common Shares of the Issuer, representing ownership of approximately 11.50% of the issued and outstanding Common Shares of the Issuer on a non-diluted basis. Immediately following the Disposition, the Company beneficially and directly owned and controlled 11,250,000 Common Shares of the Issuer, representing ownership of approximately 5.17% of the issued and outstanding Common Shares of the Issuer on a non-diluted basis.The Company disposed of the Disposed Shares to the Company Shareholders in a private sale to allow the Company Shareholders to hold their interest in the Disposed Shares directly. In connection with the Disposition, the Company intends to dispose of additional Common Shares, which are currently subject to an escrow agreement dated January 26, 2022 (the \"Escrow Agreement\"), to the Company Shareholders once such transfers are permitted in accordance with the Escrow Agreement. The Company currently intends to dispose of an additional 11,25...