Silver Wolf Closes Life Offering of $1,000,000 to Fund Inaugural Drill Program

Rhea-AI Summary

Silver Wolf Exploration has successfully closed a non-brokered private placement, raising C$1,000,000 through the sale of 6,666,666 units at C$0.15 per unit. Each unit includes one common share and one-half of a warrant, allowing the purchase of additional shares at C$0.25 within three years. Insiders participated with 464,999 units, marking this as a related-party transaction. The company paid finder's fees totaling C$33,580 to several financial firms. The funds will support drill programs and general capital needs, primarily for the Ana Maria property in Mexico. The transaction is pending TSX Venture Exchange's final approval.

Positive

• Raised C$1,000,000 through a non-brokered private placement.
• 6,666,666 units sold at C$0.15 per unit, indicating strong investor interest.
• Insider participation in the offering, totalling 464,999 units.
• Funds allocated for exploration and drilling on the Ana Maria property in Mexico.
• Additional working capital secured for the company's general needs.

Negative

• Finder's fees amounted to C$33,580, reducing net proceeds.
• The related-party transaction could raise potential conflicts of interest.
• Dependence on final acceptance by the TSX Venture Exchange, posing a regulatory risk.

Not for distribution to United States newswire services or for dissemination in the United States.

VANCOUVER, BC / ACCESSWIRE / June 14, 2024 / 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 May 22, 2024, the Company has closed its best efforts non-brokered private placement (the "Offering") of 6,666,666 units of the Company ("Units") at a purchase price of C$0.15 per Unit for aggregate gross proceeds of up to C$1,000,000. Each Unit will be comprised of one (1) common share ("Common Share") of the Company and one half (1/2) of one 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 $0.25 at any time up to 36 months following the date of issuance.

Insider participation in the Offering totaled 464,999 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 commission of $33,580 and was distributed to PI Financial Corporation, Canaccord Genuity Corporation, Haywood Securities Inc. and Red Cloud Mining Capital.

The terms of the Offering are also subject to final acceptance by the TSX Venture Exchange.

The net proceeds of the Offering will be used for exploration and drilling on the Ana Maria property in Mexico, and for the Company's general working capital requirements.

"I would like to thank all those who participated in this private placement, as well as all existing shareholders," said Peter Latta, President of Silver Wolf Exploration. "We are thrilled that you are joining us on this journey as we begin our drilling program and work towards making a discovery at Ana Maria."

About Silver Wolf
Silver Wolf is an exploration company focused on exploring high potential projects in prime silver and gold regions of Mexico including the Ana Maria and El Laberinto properties. The Ana Maria claims are located 21 kilometres (km) northwest of the City of Gómez Palacio and the adjacent City of Torreón. The property consists of 9 mining concessions encompassing 2,549 hectares (ha). The claims are located in a well-known area that is prolific for carbonate replacement deposits (CRDs) in the vicinity of many active or historic mining operations. The Company has operational synergies with Avino Silver & Gold Mines Ltd. and shares many years of combined experience in exploration, development and production. In addition, Silver Wolf has an experienced geological field team who have worked on similar projects with a demonstrated understanding of the jurisdiction and local communities.

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

ON BEHALF OF THE BOARD

"Peter Latta"

Peter Latta
President

Cautionary Note
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on numerous assumptions and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume an obligation to update any forward-looking statement. Neither the 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 news release.

Neither the 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 news release.

Not for distribution to United States newswire services or for dissemination in the United States.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. 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.

View the original press release on accesswire.com

FAQ

How much did Silver Wolf Exploration raise from its private placement?

Silver Wolf Exploration raised C$1,000,000 through a non-brokered private placement.

What is included in each unit of Silver Wolf's private placement?

Each unit includes one common share and one-half of a non-transferable warrant.

What is the exercise price of the warrant included in Silver Wolf's units?

The exercise price of the warrant is C$0.25.

What will the proceeds from Silver Wolf's offering be used for?

The proceeds will be used for exploration and drilling on the Ana Maria property and general working capital.

What is the duration for exercising the warrants issued by Silver Wolf?

The warrants can be exercised any time up to 36 months following the issuance date.

How much did Silver Wolf pay in finder's fees for the private placement?

Silver Wolf paid a total of C$33,580 in finder's fees.

What is the insider participation in Silver Wolf's private placement?

Insiders participated with a total of 464,999 units in the private placement.