Business
Tier One Silver to Raise C$2.5 Million in Equity Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Tier One Silver, Inc.
[{"type":"text","content":"Tier One Silver to Raise C$2.5 Million in Equity FinancingNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / April 3, 2023 / Tier One Silver Inc. (TSXV:TSLV) (\"Tier One\" or the \"Company\") is pleased to announce that it is undertaking a non-brokered private placement of up to 10 million units of the Company (each, a \"Unit\") at an offering price of C$0.25 per Unit (the \"Unit Price\") for gross proceeds to the Company of up to C$2,500,000 (the \"Offering\").Each Unit shall consist of one common share of the Company (a \"Share\") and one full common share purchase warrant of the Company (each, a \"Warrant\"). Each Warrant shall entitle the holder thereof to purchase one common share of the Company at a price of C$0.35 at any time on or before the date which is 24 months after the closing date of the Offering.The Company plans to use the net proceeds of the Offering to commence the planned upcoming drill program at the Curibaya project, for continued advancement of the Hurricane project and for general working capital purposes. Hurricane expenditure and working capital funding apply only if target raise is exceeded.In accordance with applicable securities laws, the Shares and Warrants issued under the Offering will be subject to a four-month and one day hold period from the date of issuance in Canada. While the Offering is non-brokered, referral fees may be paid on a portion of the proceeds to eligible persons, where permitted by applicable law. Closing of the Offering is anticipated to occur on or about April 21, 2023, subject to the receipt of investor documentation, funds and TSX Venture Exchange approval. There is no minimum upon which the closing of the Offering is conditional, and any upsize will be announced in the context of the market. It is possible that insiders of the Company may participate in the placement relying on the exemption from the formal valuation and minority shareholder approval requirements of Canadian Multilateral Instrument 61-101 (Protection of Minority Shareholders in related Party Transactions) pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of any securities issued to nor the consideration paid by such person could exceed 25% of the Company's market capitalization.The securities of...