Silver North Closes $1,350,000 Non-Brokered Private Placement
Summary
All securities are subject to a four-month hold from the date of closing.Three directors and an officer of the Company purchased or acquired direction and control over a total of 1,320,000 Units under the private placement. The placement to those persons constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101) adopted in the Policy. The Company has relied on exemptions from the formal 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 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Companys market capitalization (as determined under MI 61-101).These funds will be used for working capital and advancing the Haldane Silver Project in Yukon Territory where a recent drill program has been successful in discovering a series of 3 parallel silver mineralized veins at the Main Fault with results that include 1.83m (TW) of 1,088 g/t silver, 3.90 g/t gold, 1.89% lead and 0.63% zinc, including 0.73m (TW) of 2,470 g/t silver, 9.64 g/t gold, 3.88% lead and 0.99% zinc in hole HLD24-30.Silver Norths second high grade silver project, Tim, is under option to Coeur Mining Inc. (Coeur) whereby Coeur can a earn 51% interest by spending $3.55 million on exploration and making staged cash payments to Silver North. At their election, Coeur can earn-in to a total of an 80% interest in Tim by funding a feasibility study. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT.