Business
Silver North Announces Closing of First Tranche of Private Placement
(TheNewswire) Vancouver, BC, June 21, 2024 – TheNewswire – Silver...
About this update from Silver North Resources Ltd.
[{"type":"text","content":"Silver North Announces Closing of First Tranche of Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC, June 21,\n2024\n \n \n –\n \n \n TheNewswire –\n \n \n Silver North Resources Ltd. (TSX-V: SNAG,\nOTCQB: TARSF)\n \n “\n \n Silver\nNorth\n \n ” or the “\n \n Company\n \n ”) is pleased to announce that further to its news\nrelease dated June 5, 2024, it has closed the first tranche (the\n“\n \n First Tranche\n \n ”) of its\nnon-brokered private placement (the “\n \n Offering\n \n ”) for gross proceeds of $562,500.\n \n \n In connection with the closing of the First Tranche the Company issued\n2,500,000 charity flow-through units of the Company (the “\n \n CFT Units\n \n ”) at a price of $0.225\nper CFT Unit for gross proceeds of $562,500. Each CFT Unit is\ncomprised of one common share in the capital of the Company (a\n“\n \n Share\n \n ”) and one common\nshare purchase warrant (a “\n \n Warrant\n \n ”) of the Company, each of which will qualify as a\n“flow-through share” within the meaning of subsection 66(15) of\nthe\n \n Income Tax Act\n \n (Canada)\n(the “\n \n Tax Act\n \n ”). Each\nWarrant entitles the holder thereof to purchase one Share (a “\n \n Warrant Share\n \n ”) until June 21,\n2028 at an exercise price of $0.35 per Warrant Share.\n \n \n “Management would like to thank those who participated this\noffering,” stated Jason Weber, P.Geo., president and CEO of Silver\nNorth. “These funds allow Silver North to continue to build on\nhigh-grade silver targets such as the West Fault discovery at the\nHaldane Silver Project in Yukon’s famous Keno Silver District.”\n \n \n \n \n The Company will use an amount equal to the gross proceeds from the\nFirst Tranche, pursuant to the provisions in the Tax Act, to incur\neligible “Canadian exploration expenses” that qualify as\n“flow-through mining expenditures” as both terms are defined in\nthe Tax Act (the “\n \n Qualifying\nExpenditures\n \n ”) related to the Company's projects in the\nYukon, on or before December 31, 2025, and to renounce...