Vancouver, British Columbia--(Newsfile Corp. - December 18, 2024) - SILICON METALS CORP. (CSE: SI)(FSE: X6U0) ("Silicon Metals" or the "Company") is pleased to announce that further to its news release dated December 2, 2024, it has amended the terms of its previously announced non-brokered flow-through private placement (the "Offering") and has closed an initial tranche for gross aggregate proceeds of $294,645 (the "First Tranche") through the issuance of 4,533,000 flow-through units of the Company (each, a "Flow-Through Unit") at a price of $0.065 per Unit.
Under the amended terms of the Offering the Company intends to issue up to 5,384,615 (previously 4,923,076) Flow-Through-Units at a price of $0.065 per Flow-Through-Unit (previously $0.08) for gross aggregate proceeds of up to $350,000 (previously $320,000). Each Flow-Through Unit consists of one common flow-through share in the capital of the Company (each, a "Flow-Through-Share") and one-half of one share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one (non-flow-through) common share in the capital of the Company (each, a "Warrant Share") at a price of $0.10 per Warrant Share (previously $0.15) for a period of twenty-four months following issuance.
The Company intends to use the aggregate proceeds of the Offering for exploration advancements at its British Columbia exploration properties, and various other exploration costs that the Company may deem necessary.
Finders' fees of up to 8% cash and 8% Broker Warrants may be payable in connection with the Offering in accordance with the policies of the Canadian Securities Exchange (the "CSE"). An aggregate of $16,551.60 in cash commission and 254,640 Broker Warrants have been paid to eligible finders in connection with the closing of the First Tranche of the Offering, with each Broker Warrant being exercisable at a price of $0.065 for a period of twenty-four months after the date of issuance.
All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after the date of issuance, as set out in National Instrument 45‐102 - Resale of Securities.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Silicon Metals Corp.
Silicon Metals Corp. is currently focused on exploration in western Canada, namely British Columbia. The Company holds an undivided 100% right, title and interest in the Ptarmigan Silica Project located approximately 130km from Prince George, British Columbia, and the Silica Ridge Silica Project located approximately 70kms southeast from the town of MacKenzie, British Columbia. The Company has also acquired an option to purchase an undivided 100% right, title, and interest in the Longworth Silica Project located approximately 85km East from Prince George, British Columbia. Also, the Company currently has an Option to explore the Hedge Hog Project located 15km north of the town of Wells in the Caribou Mining Division of central British Columbia. The securities of Silicon Melals Corp. trade on the Canadian Securities Exchange under the symbol "SI" and on the Frankfurt Stock Exchange under the symbol "X6U0", as well as on the OTC market in the United States under the trading symbol "SLCNF".
ON BEHALF OF THE BOARD OF DIRECTORS OF
SILICON METALS CORP.
"Morgan Good"
Morgan Good Chief Executive Officer and Director
For more information regarding this news release, please contact:
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release).
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the Company's proposed Offering, that finder's fees may be paid in connection with the Offering and the Company's exploration plans and intended use of proceeds.
Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
In making the forward-looking statements in this news release, the Company has applied certain material assumptions, including without limitation, that the Company will be able to complete the Offering on the terms proposed, that the Company will use the proceeds from the Offering as currently anticipated, and that the Company will have all the necessary resources, including personnel and capital to carry out its business plans.
These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that the Company will fail to complete the Offering, on the terms proposed, or at all; that the Company will not use the proceeds from the Offering as disclosed; that the Company will be unable to carry out its business plans as disclosed; changes in applicable legislation impacting the Company's exploration plans; changes in management's expectations regarding its properties; unanticipated costs; loss of key personnel; and failure to raise the capital required to carry out the Company's exploration plans.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS
