Silverstock Metals Announces Non-Brokered Private Placement

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[{"type":"text","content":"Silverstock Metals Announces Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - August 17, 2023) - Silverstock Metals Inc. (CSE: STK) (\"Silverstock\" or the \"Company\") announces that it intends to complete a non-brokered private placement (the \"Private Placement\") of up to 4,000,000 units of the Company (each a \"Unit\") at a price of $0.10 per Unit for aggregate gross proceeds of up to $400,000.Each Unit will consist of one (1) common share in the capital of the Company (each a \"Common Share\") and one-half of one (1/2) Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder to purchase one (1) Common Share at a price of $0.20 per Common Share until the date which is two (2) years from the date of closing of the Private Placement.All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring four (4) months and one (1) day from the date of issuance.The Company anticipates that an insider will subscribe for approximately 1,000,000 Units as part of the Private Placement for an aggregate subscription price of approximately $100,000, which would be considered a related party transaction subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation in the Private Placement by the insider will not exceed 25% of the fair market value of the Company's market capitalization.The Company intends to use the net proceeds from the Private Placement for general corporate and working capital purposes.About Silverstock MetalsSilverstock Metals is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct the exploration of its Gold Cutter Property. The Gold Cutter Property is comprised of two contiguous mineral claims totaling approximately 1,821.1 hectares and is located in the Kamloops Mining Division, British Columbia.On Behalf of the Board of DirectorsJonathan ...

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