June 1, 2020–Victoria, BC: Silver Grail Resources Ltd. (“Silver Grail”) ( (“SVG”-TSX-V) (“KD7”-Frankfurt) announces that it intends to complete a non-brokered private placement consisting of the issuance of up to 4,000,000 units (“Units”) at a price of $0.10 per Unit for gross proceeds of up to $400,000 subject to the approval of the TSX Venture Exchange. Each Unit will consist of one common share (“Common Share”) and one-half a Common Share purchase warrant (“Warrant”). Each Warrant is exercisable into one Common Share at a price of $0.15 for a period of one year from closing.
Eric Sprott has agreed to subscribe for a minimum of 2,500,000 Units. Assuming the additional 1,500,000 Units are subscribed for by other parties, at the completion of the placement Eric Sprott will beneficially own 2,500,000 units and 1,250,000 warrants representing approximately 7.7% on a non-diluted basis and 11.2% on a partially diluted basis assuming exercise of all warrants.
There are no finder’s fees or other commissions associated with the transaction. Certain of the Company’s insiders may participate in the private placement. The proceeds of the financing will be used to advance the Company’s many properties in the Golden Triangle Region of northwestern British Columbia as well as its cobalt properties elsewhere in the province. A portion of the funds will be directed to general working capital and to repay moneys owed to Teuton Resources Corp.
“Dino Cremonese, P.Eng.”
President, Silver Grail Resources Ltd..
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This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Silver Grail Resources Ltd. does have an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.