Silver Wolf Exploration Ltd. (TSX-V: SWLF)(OTCQB: SWLFF) (“Silver Wolf” or the “Company”) is pleased to announce that further to the Company’s press release dated May 24, 2022, the Company has closed its best efforts non-brokered private placement (the “Private Placement”). The Private Placement financing consists of 4,014,400 “Units” at an offering price of $0.15 per share for aggregate gross proceeds of $602,160. Each Unit will be comprised of one (1) common share of the Company and one (1) non-transferable common share purchase warrant "Warrant". Each 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 18 months following the date of issuance.
Two officers of the Company participated in the Private Placement, for a total of 300,000 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 $840 to Canaccord Genuity Corp.
The securities issued by the Company in connection with this financing will be subject to a 4-month and a day "hold period" expiring October 17, 2022, as prescribed by the policies of the TSX and applicable securities laws. The terms of the Offering are also subject to the final acceptance by the TSX Venture Exchange. Conditional approval was provided by the TSX on June 7, 2022.
The net proceeds of the Private Placement will be used for financing the ongoing drill program on the Ana Maria property, Mexico, and the Company's general working capital requirements.
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
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.