Summa Silver Corp. Closes Oversubscribed $5 Million Financing and Welcomes Eric Sprott as Investor
Summary
"With this financing now closed we are pleased to welcome a very strong group of new shareholders as we drive towards an aggressive summer drill program in Nevada which is now entering the final stages of preparation." Net proceeds of the Offering will be used for exploration, corporate development, and general working capital purposes. The Company relied upon exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101. Such material risks and uncertainties include, but are not limited to, the Companys ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop the Hughes or Donna project or its other projects, and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associated with mineral exploration and mining operations, future prices of silver and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the Hughes and Donna projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Companys plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; changes in environmental and other laws or regulations that could have an impact on the Companys operations, compliance with environmental laws and regulations, aboriginal title claims and rights to consultation and accommodation; dependence on key management personnel; general competition in the mining industry; and uncertainties surrounding the COVID 19 pandemic. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that managements beliefs, estimates or opinions, or other factors, should change.