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VANCOUVER, BC, Feb. 22,
2024 /CNW/ - Kootenay Silver Inc.
("Kootenay" or the "Company") (TSXV: KTN) announces
that it has closed the second and final tranche of its previously
announced (see news releases dated February
1, 5 and 16, 2024) non-brokered private placement (the
"Offering") of units of the Company (the "Units"), at
a price of $0.75 per Unit (the
"Offering Price") for aggregate gross proceeds of
$237,525. The Company received total
aggregate gross proceeds of $3,720,587 from the Offering.
Each Unit is comprised of one common share of the Company (a
"Common Share") and one-half of one Common Share purchase
warrant (each whole warrant, a "Warrant"). Each Warrant is
exercisable to acquire one Common Share (a "Warrant Share")
at a price of $1.10 per Warrant
Share for a period of 24. An aggregate total of 4,960,782 Common
Shares and 2,480,391 Warrants were issued under the Offering.
The net proceeds from the Offering will be used for exploration
activities, property commitments on the Company's projects, working
capital and general corporate purposes. The Offering is subject to
the final acceptance of the TSX Venture Exchange (the
"Exchange").
All securities issued in connection with the Offering are
subject to a Canadian securities law resale restriction period
expiring on June 17, 2024. The
securities described herein have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities
laws, and accordingly, may not be offered or sold within
the United States except in
compliance with the registration requirements of the U.S.
Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release does not
constitute an offer to sell or a solicitation to buy any securities
in any jurisdiction.
In connection with the closing of the final tranche of the
Offering, the Company paid a cash finders' fee of $1,200 to an arm's length finders. For
disclosure relating to finder's fees paid in connection with the
first tranche of the Offering, as well as to Multilateral
Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions, please see the Company's news release
dated February 16, 2024.
About Kootenay Silver Inc.
Kootenay Silver Inc. is an exploration company actively
engaged in the discovery and development of mineral projects in the
Sierra Madre Region of Mexico.
Supported by one of the largest junior portfolios of silver assets
in Mexico, Kootenay continues to
provide its shareholders with significant leverage to silver
prices. The Company remains focused on the expansion of its current
silver resources, new discoveries and the near-term economic
development of its priority silver projects located in prolific
mining districts in Sonora, State
and Chihuahua, State, Mexico,
respectively.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
the contents of this news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
"Forward-looking information" includes, but is not limited to,
statements with respect to the activities, events or developments
that the Company expects or anticipates will or may occur in the
future. Generally, but not always, forward-looking information and
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or the
negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on
numerous assumptions, including among others, statements regarding
the use of proceeds from the Offering, and the approval of the
Exchange. Although the assumptions made by the Company in providing
forward-looking information or making forward-looking statements
are considered reasonable by management at the time, there can be
no assurance that such assumptions will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's plans or expectations include risks
relating to regulatory approvals. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information or implied by 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 forward-looking information and statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements or information. These forward looking
statements are made as of the date of this press release, and,
other than as required by applicable securities laws, the Company
disclaims any intent or obligation to update publicly any forward
looking statements, whether as a result of new information, future
events or results or otherwise.
SOURCE Kootenay Silver Inc.