Silver One Announces Increase of Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - January 3, 2019) - Silver One Resources Inc. (TSXV: SVE) (OTC Pink: SLVRF) (FSE: BRK1) ("Silver One" or the "Company") is pleased to announce that it has increased its previously announce private placement financing (see news release dated December 27, 2018) from 3,066,667 units of the Company ("Units") to 4,108,333 Units at a price of C$0.15 per Unit for gross proceeds of up to C$616,250 Each Unit will continue to consist of one common share ("Share") in the capital of the Company and one-half of one share purchase warrant (each whole warrant being a "Warrant" of the Company). Each whole Warrant will entitle the holder to purchase one share at an exercise price of C$0.20 per share for a period of three years from the date of the issue of the Warrants.
Closing of the Private Placement is subject to acceptance by the TSXV. The Company may issue share purchase warrants to certain finders equal to 5%. The securities issued in connection with the Private Placement will be subject to a hold period of 4 months from the date of issuance, in accordance with applicable securities laws. The net proceeds from the Private Placement are expected to be used to conduct drilling on the Peñasco Quemado project in Mexico and for working capital.
About Silver One
Silver One is focused on the exploration and development of quality silver projects. The Company holds an option to acquire a 100%-interest in its flagship project, the past-producing Candelaria Mine located in Nevada. Potential reprocessing of silver from the historic leach pads at Candelaria provides an opportunity for possible near-term production. Additional opportunities lie in previously identified high-grade silver intercepts down-dip and potentially increasing the substantive silver mineralization along-strike from the two past-producing open pits.
The Company has staked 636 lode claims and entered into a Lease/Purchase Agreement to acquire five patented claims on its Cherokee project located in Lincoln County, Nevada, host to multiple silver-copper-gold vein systems, traced to date for over 11 km along-strike.
In addition, the Company also holds a 100% interest in three significant silver assets located in Mexico - Peñasco Quemado, Sonora; La Frazada, Nayarit; and Pluton, Durango, acquired from First Mining Gold, one of the Company's largest shareholders.
For more information, please contact:
Silver One Resources Inc.
Monica Hamm - VP, Investor Relations
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Silver One cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Silver One's control. Such factors include, among other things: risks and uncertainties relating to Silver One's limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on the Candelaria Project, obtaining the necessary permits to carry out its activities and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Silver One undertakes no obligation to publicly update or revise forward-looking information.
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