Silver Wolf Announces Closing of the Non-Brokered Private Placement

Rhea-AI Summary

Silver Wolf Exploration Ltd. (TSXV:SWLF)(OTCQB:SWLFF) has successfully closed a non-brokered private placement totaling 790,000 Units at $0.25 per share, generating gross proceeds of $197,500. Each Unit consists of one common share and a warrant, allowing purchase of additional shares at $0.35 for 18 months. Two officers participated, totaling 70,000 Units. Proceeds will fund the drill program on the Ana Maria property and general working capital. The offering is subject to TSX Venture Exchange approval.

Positive

• Successful closure of a non-brokered private placement raising $197,500.
• Funds will support ongoing drill programs, indicating investment in growth.

Negative

• Related-party transactions involving insider participation could raise governance concerns.

VANCOUVER, BC / ACCESSWIRE / December 20, 2021 / Silver Wolf Exploration Ltd. (TSXV:SWLF)(OTCQB:SWLFF) ("Silver Wolf" or the "Company") is pleased to announce that further to the Company's press release dated November 15, 2021, the Company has closed its best efforts non-brokered private placement (the "Private Placement"). The Private Placement financing consists of 790,000 "Units" at an offering price of $0.25 per share for aggregate gross proceeds of $197,500. Each Unit will be comprised of one (1) common share of the Company and one half (½) of a non-transferable common share purchase warrant "Warrant". Each whole Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.35 at any time up to 18 months following the date of issuance.

Two officers of the Company participated in the Private Placement, for a total of 70,000 Units. The participation by insiders in the Private Placement is a related-party transaction, as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI61-101, as neither the fair market value of the securities being issued, nor the consideration being paid exceeds 25% of the Company's market capitalization.

In connection with the closing of the Private Placement, the Company paid finder's fee commissions of $5,250 to Haywood Securities Inc. and $600 to Canaccord Genuity Corp.

The securities issued by the Company in connection with this financing will be subject to a 4-month and a day "hold period" expiring April 21, 2021, as prescribed by the policies of the TSX and applicable securities laws. The terms of the Offering are also subject to the final acceptance by the TSX Venture Exchange. Conditional approval was provided by the TSX on November 18, 2021.

The net proceeds of the Private Placement will be used for financing the ongoing drill program on the Ana Maria property, Mexico, and the Company's general working capital requirements.

For further information please contact Silver Wolf Exploration Ltd. at ph. (604) 682-3701, or visit our website at www.silverwolfexploration.com.

ON BEHALF OF THE BOARD

"Peter Latta"

Peter Latta
President

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

SOURCE: Silver Wolf Exploration Ltd.

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https://www.accesswire.com/678763/Silver-Wolf-Announces-Closing-of-the-Non-Brokered-Private-Placement

FAQ

What is the amount raised in the Silver Wolf Exploration private placement?

Silver Wolf Exploration raised $197,500 through the private placement.

What are the terms of the warrants issued in the private placement by Silver Wolf Exploration?

Each warrant allows the purchase of an additional common share at $0.35 for up to 18 months.

Who participated in the Silver Wolf Exploration private placement?

Two officers of Silver Wolf participated, acquiring a total of 70,000 Units.

What will the proceeds from the private placement be used for?

The proceeds will be used to finance ongoing drill programs on the Ana Maria property and for general working capital.

Is the private placement by Silver Wolf Exploration subject to any approvals?

Yes, the offering is subject to final acceptance by the TSX Venture Exchange.