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Canadian Silver Hunter Inc. (TSXV: AGH.H) ("Canadian Silver Hunter" or the "Company") is pleased to announce that it has completed its previously announced non-brokered private placement through the issuance of 7,142,857 units (each, a "Unit") at a price of $0.07 per Unit, for aggregate gross proceeds of $500,000.00 (the "Offering").
Each Unit is comprised of one common share (each, a "Common Share") in the capital of the Company and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.10 for a period of twelve (12) months from the closing date (the "Closing Date") of the Offering.
The net proceeds from the sale of the Units will be used by the Company for mineral exploration and development and for general working capital purposes.
All securities issued pursuant to the Offering are subject to a four-month statutory hold period until June 27, 2026, in accordance with applicable securities legislation.
Early Warning Report
Pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues ("NI 62-103"), 9558-7226 Québec Inc., a corporation beneficially owned and controlled by Jean-David Moore and Annie Quimper (together, the "Acquirors"), 4661 rue Clara Brousseau, Québec, G1Y 3M9. Pursuant to NI 62-103, Mr. Moore has informed the Company that the Acquirors will be jointly filing an early warning report pursuant to NI 62-103. The Acquirors indirectly acquired, through 9558-7226 Québec Inc., 1,000,000 Units pursuant to of the Offering. Prior to the completion of the Offering, the Acquirors jointly beneficially owned and controlled, directly or indirectly, an aggregate of 2,961,000 Common Shares, representing approximately 10.38% of the Company's issued and outstanding Common Shares on an undiluted basis.
Following the completion of the Offering, the Acquirors jointly beneficially own and control, an aggregate of 3,961,000 Common Shares and 1,000,000 Warrants, representing approximately 11.11% of the Company's issued and outstanding Common Shares on an undiluted basis and approximately 13.53% on a partially diluted basis.
The acquisition was completed for investment purposes. The Acquirors may, depending on market and other conditions, or as future circumstances may dictate, from time to time increase or dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold. In the future, the Acquirors will evaluate its investment in the Company from time to time and may, based on such evaluation and the market conditions and other circumstances, increase or decrease its security holdings through market transactions, private agreements, or otherwise.
The disclosure in this news release is being issued in accordance with NI 62-103, in connection with the filing of an early warning report on the Company's SEDAR+ profile at www.sedarplus.ca by the Acquirors. All the information in this section of the release was provided to the Company by Mr. Moore. A copy of the early warning report can be obtained by contacting the Company, at (416) 707-4230.
The Offering constituted a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as the Acquirors are insiders of the Company, and have indirectly subscribed for an aggregate of 1,000,000 Units. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation by the Acquirors does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.
Pursuant to NI 62-103 Frank Guillemette, 798 Malraux, Chicoutimi, QC G7J 4K4, has informed the Company that he will be filing an early warning report pursuant to NI 62-103. Frank Guillemette acquired 3,485,657 Units pursuant to the Offering. Prior to completion of the Acquisitions, Frank Guillemette did not hold any shares of the Company.
Following the completion of the Offering, Frank Guillemette beneficially owns and controls, an aggregate of 3,485,657 Common Shares and 3,485,657 Warrants, representing approximately 9.77% of the Company's issued and outstanding Common Shares on an undiluted basis and approximately 17.81% on a partially diluted basis.
Frank Guillemette's acquisition was completed for investment purposes. Frank Guillemette may, depending on market and other conditions, or as future circumstances may dictate, from time to time, on an individual or joint basis, as applicable, increase or dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold. In the future, Frank Guillemette will evaluate his investment in the Company from time to time and may, based on such evaluation and the market conditions and other circumstances, increase or decrease his security holdings through market transactions, private agreements, or otherwise.
The disclosure in this news release is being issued in accordance with NI 62-103, in connection with the filing of an early warning report on the Company's SEDAR+ profile at www.sedarplus.ca by Frank Guillemette. All the information in this section of the release was provided to the Company by Frank Guillemette. A copy of the early warning report can be obtained by contacting the Company, at (416) 707-4230.
About Canadian Silver Hunter Inc.
Canadian Silver Hunter Inc. is a Canadian mineral exploration company focused on gold, silver and copper exploration in Mexico and Canada. For further details about the Company's projects, plans and results please visit the company website at www.canadiansilverhunter.ca.
For more information please contact:
Jeffrey Hunter
President & CEO
(416) 707-4230
jhunter@cshi.ca
CAUTIONARY STATEMENT: Neither the 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.
Notice Regarding Forward-Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and commodity prices. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The Company undertakes no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285563
