Nevada Silver : announces closing of $2,000,000 financing

TORONTO, ON / ACCESSWIRE / February 28, 2022 / Nevada Silver Corporation (“NSC” or the “Company”) (TSXV:NPC) (OTCQB:NVDSF) is pleased to announce that it has closed non-brokered private placement financing for aggregate gross proceeds of $2,000,000 (the “Offering”). Pursuant to the Offering, the Company has issued 6,670,000 units (the “Units”) at a price of $0.30 per Unit. Each Unit consisted of one common share of the Company (a “Common Share”) and one-half of a Common Share Purchase Warrant (each whole Warrant, a “Warrant”). Each warrant is exercisable to acquire one common share at an exercise price of $0.45 per share for a period of 24 months from the date of issuance, subject to adjustment for certain events and the Accelerated Right (as defined below).

In the event that the closing price of the Company’s common shares on any Recognized Exchange (including the TSXV) is equal to or greater than $0.80 per share for a period of at least ten (10) consecutive trading days (an “Acceleration Event”), the Company shall have the right to advance the expiry date of the Warrants to a date which is 30 calendar days after the announcement of such an Accelerating Event by press release.

The net proceeds of the Offering will be used to further explore and develop the Corcoran Canyon silver-gold property, conduct drilling on the recently acquired Belmont silver property, both located in Nye County, Nevada, USA, and for working capital and general corporate purposes.

No finder’s commissions, commissions or similar payments were made in connection with the offer. All securities issued under the offering will be subject to a four month and one day lockup period from the date of issuance. The offering is subject to final approval by the TSX Venture Exchange Inc. (the “TSXV”).

The securities being offered under the offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any state securities laws, and may not be offered in the United States absent registration or an available exemption from the registration requirements of the US Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor is there a sale of any securities to be offered pursuant to the offer in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Nevada Silver Corporation

Nevada Silver Corporation (TSXV:NSC) (OTCQB:NVDSF) is a multi-commodity resource company with two exploration projects in the United States. NSC’s principal asset is the Corcoran silver-gold project in Nevada. In addition, NSC has management and ownership interests in the Emily Manganese Project in Minnesota, which has been the subject of extensive engineering studies and has invested $24 million to date. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.

For more information please contact:

Garry Lewis
Group CEO & Director
Telephone: +1 (416) 941 8900
Email: [email protected]

Forward-Looking Statements

This press release contains forward-looking statements. In some cases, you can identify forward-looking statements by words such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “projects”, “potential”. or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements in this press release include, but are not limited to, statements related to the receipt of final TSXV approval for the Offering and the anticipated use of proceeds from the Offering. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements by us or our industry to differ materially from future results, levels of activity, performance or achievements or by implied by these forward-looking statements.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, such information, which speaks only as of the date of this press release, should not be relied upon. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Nevada Silver Corporation

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