Nov 27 2013
Silver Mountain Mines Inc. is pleased to announce that the company has received the permit to drill the DunWalk Area on its 100% owned Ptarmigan Property, located in southeast British Columbia.
In addition, the Company also announces a non-brokered private placement of up to 8,000,000 flow-through units for total cash proceeds of up to $480,000 (the "Offering").
Each Unit consists of one common share ("Common Share") of the Company to be issued on a flow-through basis ("Flow-Through Share") and one half (1/2) of a Common Share purchase warrant. Each full Warrant entitles the holder thereof to acquire, subject to adjustment, one Common Share at a price of $0.15 per Common Share on or before 4:30 p.m. (MST) on December 31st, 2016 (the "Expiry Date"). In the event the Common Shares of the Corporation as quoted on the TSX Venture Exchange close at or above $0.20 per Common Share for twenty one (21) consecutive trading days, then the Company may, at its election, accelerate the Expiry Date upon not less than 30 days written notice to each subscriber.
The securities issued in the Offering will be subject to a hold period of four months plus one day from closing and are further subject to such other applicable regulatory and TSX Venture Exchange approval and completion of definitive documentation.
"There is a window of opportunity to drill the anomalies right now. The gravity data modelled in the DunWalk Area has returned pipe-like shapes and these potential precious and/or base metal-enriched, massive sulphide mineralization targets need to be evaluated in order to plan the 2014 program," says Steve Konopelky, President and CEO of Silver Mountain.
The Company may pay up to a 7% finder's fee relative to the Offering. The Company will use the proceeds of the private placement for exploration work, including the DunWalk drill program and for working capital.
Source: http://www.silvermountainmines.com/