In This Article:
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.