Silver Viper Increases Private Placement to $4 Million

Silver Viper Minerals Corp. – (TSXV:VIPR) (“Silver Viper” or the “Company”) is pleased to announce that the Company intends to undertake a private placement financing (the “Offering”) to raise gross proceeds of up to $4.0 million from the sale of up to 16,000,000 units at a price of $0.25 per unit (“Units”), an increase from the $3.0 million offering announced on September 4, 2019. Each Unit will consist of one common share of the Company and one half of one share purchase warrant, with each whole warrant entitling the holder thereof to purchase one common share of the Company for a period of two years at a price of $0.35 per share.

Silver Viper intends to use the net proceeds of the Offering to continue exploration and development of its La Virginia gold-silver project located in Sonora, Mexico and for general corporate and working capital purposes.

The Offering is scheduled to close on or about October 4, 2019. The closing of the Offering is subject to certain conditions, including but not limited to, the approval of the TSX Venture Exchange and certain other conditions customary for a private placement of this nature. All securities issued pursuant to the Offering will be subject to a four month hold period from the date of closing of the Offering.

The Company has agreed to pay a finder’s fee in respect of those purchasers under the Offering introduced to the Company by Red Cloud Securities, Eventus Capital Corp., Echelon Wealth Partners, Canaccord Capital, and Blue Lakes Advisors (each a “Finder” and collectively, the “Finders”). Each Finder will receive a cash payment equal to 6% of the gross proceeds received by the Company from purchasers under the Offering who were introduced to the Company by such Finder.

The issuance of Units to insiders pursuant to the Offering is considered to be a related party transaction under Multilateral Instrument 61-101. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the Offering by insiders will not exceed 25% of the fair market value of the Company’s market capitalization.

The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption from registration. This press release is not an offer or a solicitation of an offer of securities for sale in the United States, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About the Company

Silver Viper Minerals Inc is a Canadian-based junior mineral exploration company focused on precious metals exploration in the northwestern Mexican state of Sonora. The Company currently operates the La Virginia Gold-Silver Project. Silver Viper has 100% ownership of the La Virginia concessions acquired from PAAS and an option to acquire a 100% interest in the Rubi-Esperanza group of claims internal to those concessions. The property is an early stage exploration property, targeting a series of laterally extensive intrusive dykes and breccia zones, hosting low-sulphidation epithermal gold-silver mineralization. Silver Viper is under management provided by Belcarra Group Management Ltd. which is comprised of highly qualified mining professionals.

On behalf of the board of directors,

Steve Cope
President and CEO

Forward Looking Information

Information set forth in this press release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company 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 the Company’s control. Such factors include, among other things: risks and uncertainties relating to exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in the Company’s financial statements available on www.sedar.com. 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, the Company undertakes no obligation to publicly update or revise forward-looking information.

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Source: www.newswire.ca