Business
Silver One Closes Final Tranche of Financing
Vancouver, British Columbia--(Newsfile Corp. - January 20, 2020) - Silver One Resources Inc. ...
About this update from Silver One Resources Inc.
[{"type":"text","content":"Silver One Closes Final Tranche of FinancingEric Sprott Increases His Investment in Final TrancheVancouver, British Columbia--(Newsfile Corp. - January 20, 2020) - Silver One Resources Inc. (TSXV: SVE) (OTCQB: SLVRF) (FSE: BRK1) (\"Silver One\") is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement by issuing 9,520,000 units (\"Units\") at a price of $0.25 per Unit for gross proceeds of $2,380,000 (the \"Financing\"). Together with the first tranche of the Financing (see news release dated January 13, 2020), the Company has received total gross proceeds of $5,205,000 under the Financing.Further, Eric Sprott (\"Sprott\"), through 2176423 Ontario Ltd., a company which is beneficially owned by Sprott, subscribed for an additional $500,000 under the final tranche of the Financing resulting in a total investment of $1,500,000 under the entire Financing. As a result, Sprott continues to be the largest shareholder of Silver One and holds 12.9% of the issued and outstanding shares (\"Common Share\") of Silver One.Each Unit consists of one Common Share and one-half of one Common Share purchase warrant (\"Warrant\"), with each whole Warrant entitling the holder to purchase one additional Common Share at $0.40 per share for a period of three (3) years from the date of issue.All securities issued in connection with the final tranche of the Financing will be subject to a four‐month statutory hold period expiring on May 18, 2020. The Company has also agreed to pay finders a fee totaling $91,500 and issue finders a total of 168,000 Warrants.Proceeds of the financing will be used for ongoing exploration and drilling activities at the Candelaria Silver Project, additional exploration activities to further define the high-grade silver-gold-copper vein systems at the Cherokee Project, potential silver focused acquisitions and for working capital purposes.This news release does not constitute an offer to sell, or solicitation of an offer to buy, nor will there be any sale of any of the securities offered in any jurisdiction where such offer, solicitation or sale would be unlawful, including the United States of America. The securities being offered as part of the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ...