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Silver Valley Metals Files for Approval of Non-Brokered Private Placement Financing; Expiry of Warrant Exercise Incentive Program
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2023) - Silver Valley Metals Corp. (TSXV:...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"Silver Valley Metals Files for Approval of Non-Brokered Private Placement Financing; Expiry of Warrant Exercise Incentive ProgramVancouver, British Columbia--(Newsfile Corp. - July 18, 2023) - Silver Valley Metals Corp. (TSXV: SILV) (OTCQB: SVMFF) (\"Silver Valley\" or the \"Company\"), is pleased to announce that it has filed documents with the TSX Venture Exchange (the \"Exchange\") for conditional approval of a $0.10 common share, no warrant private placement financing (the \"Financing\"), for aggregate gross proceeds of up to $700,000, with a first tranche close of $645,374.10. On receipt of Exchange approval the Company will close the first tranche, issuing 6,453,741 common shares of the Company for aggregate gross proceeds of $645,374.10. Proceeds from the Financing will be used for: Completing the phase 2 active exploration program at the Ranger-Page project in the Silver Valley, north Idaho, USA; this includes a multi-kilometre trenching program, road building, preparations for a future drill campaign in 2023, further field exploration including additional geochemical surveys, detailed mapping, and 3D geological modeling.To maintain and advance its MexiCan lithium - sulphate of potash (Li-SOP) project / deposit(s) in Mexico; project development planning; evaluating additional opportunities related to lithium and potash exploration and development in Mexico; and lastly, to continue its partnership negotiations for the lithium aspect of its deposit(s) with LitioMx, the recently formalized national lithium company of Mexico.Project option payment for the Ranger-Page Project.General working capital.The Financing is being effected with 3 insiders, for a total of 350,000 common shares for $35,000.00, each insider subscription being a \"related party transaction\" as such term is defined under MI 61-101 - Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization. All securities issued pursuant to the Financing will be subject to a 4-month hold.Further to the Company's June 16, 2023 and July 7 2023 news releases, the...