Silver Bullet Mines Announces Closing on Debenture
Silver Bullet Mines (TSXV: SBMI, OTCQB: SBMCF) has successfully closed a debenture financing amounting to $940,000 as of May 14, 2024. A commission fee of $6,450 was paid, and 53,750 broker warrants were issued. The funds will be used to advance operations at the Buckeye Silver Mine in Arizona, commence work at the Washington Mine in Idaho, and for general working capital. Progress at the Buckeye Silver Mine is on schedule and within budget. The company is also processing material from a third-party historical mine site and plans to publish more data soon. Additionally, SBMI extended a previous debenture, now due June 30, 2024, with an 11% annual interest rate.
- Closed debenture financing raised $940,000.
- 53,750 broker warrants issued, providing potential future capital.
- Funds allocated for advancing the Buckeye Silver Mine in Arizona and starting operations at Washington Mine in Idaho.
- Progress at Buckeye Silver Mine is on schedule and within budget.
- Processing material from a third-party mine site could yield new data soon.
- Cash commissions of $6,450 were paid, reducing net proceeds.
- Debenture extension indicates possible liquidity or repayment challenges.
- Debenture extended at a high-interest rate of 11% per annum.
- No definitive results yet from the test processing of third-party material.
Burlington, Ontario--(Newsfile Corp. - May 14, 2024) - Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) ('SBMI' or 'the Company') is pleased to announce it has closed on the Debenture financing announced April 8, 2024. Please see that press release for the characteristics of the Debenture. The amount closed upon is
Cash commissions of
The use of proceeds is to continue work at the Buckeye Silver Mine in Arizona, to begin work at the former producing Washington Mine in Idaho, and for working capital.
Work continues at the Buckeye Silver Mine in Arizona to implement the recommendations from MSHA. To date this work has progressed on the expected timeline on the expected budget.
At the mill site, and as per SBMI's press release of May 2, 2024, test processing continues on the material taken from an arm's length party's historical mine site. The Company intends to be able to provide more definitive data on this material in the near future.
In its press release filed at SEDAR+ on February 26, 2024, the Company announced it had reached an extension agreement with the holder of the debenture initially due February 6, 2024, which debenture was extended to June 30, 2024 at a conversion price of
For further information, please contact:
John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management's current expectation of future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI's properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209088
FAQ
What is the amount raised by SBMCF through its recent debenture financing?
When did Silver Bullet Mines close its debenture financing?
What is the planned use of proceeds from the debenture financing by SBMCF?
How much commission was paid by Silver Bullet Mines for the debenture financing?
How many broker warrants were issued by SBMCF in connection with the debenture financing?
What is the interest rate for Silver Bullet Mines' extended debenture?
What is the new maturity date of the extended debenture by SBMCF?
Where is Silver Bullet Mines conducting its test processing?
