Business
Silver Tiger Announces $11 Million Non-brokered Private Placement Financing
HALIFAX, NS / ACCESSWIRE / July 13, 2020 / Silver Tiger Metals Inc. (TSXV:SLVR and OTCQB:SLV...
About this update from Silver Tiger Metals, Inc.
[{"type":"text","content":"Silver Tiger Announces $11 Million Non-brokered Private Placement FinancingHALIFAX, NS / ACCESSWIRE / July 13, 2020 / Silver Tiger Metals Inc. (TSXV:SLVR and OTCQB:SLVTF) (\"Silver Tiger\" or the \"Corporation\") announces a non-brokered private placement of units of the Corporation at $0.30 per unit for gross proceeds of up to $11 million. Each unit will consist of one common share of the Corporation and one-half common share purchase warrant. Each full warrant will entitle the holder to acquire a common share of the Corporation at $0.50 per common share for 36 months following the issuance of the warrants.The net proceeds from the offering shall be primarily used for further exploration of Silver Tiger's El Tigre silver property located in Sonora, Mexico and for general and administrative expenses.Silver Tiger anticipates that certain insiders may acquire securities in the private placement. To the extent such insiders participate in the private placement, any such participation would be considered a \"related party transaction,\" as defined under Multilateral Instrument 61-101.Silver Tiger may pay a finder's fee to one or more arm's-length parties that introduce Silver Tiger to investors, in accordance with the policies of the TSX Venture Exchange (the \"Exchange\"). The securities issued will be subject to a four-month-and-one-day statutory hold period from the date of issuance. Closing of the private placement remains subject to Exchange approval.About the El Tigre PropertyThe El Tigre Property lies at the northern end of the Sierra Madre gold belt which hosts many epithermal gold and silver deposits including Dolores, Santa Elena and Chispas at the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with the Brown Shaft in 1903. The focus soon changed to mining high-grade silver veins in the area with much of the production coming from the El Tigre vein. Underground mining on the El Tigre vein extended 1,450 meters along strike and mined on 14 levels to a depth of 450 meters. By the time the mine closed in 1938, it is reported to have produced a total of 67.4 million ounces of silver and 353,000 ounces of gold from 1.87 million tons (Craig, 2012).Silver Tiger's district scale El Tigre Property is approximately 35 kilometers long and comprises 28,414 hectares and include...