Silver North $2.1 Million Non-Brokered Flow-Through Private Placement Fully Subscribed
(TheNewswire)
A Non-Flow Through Private Placement of
up to $500,000 at $0.15 per unit announced to accommodate additional
demand.
Vancouver, BC – TheNewswire - July 15, 2025 – Silver North Resources Ltd. (TSX-V: SNAG,
OTCQB: TARSF) “Silver
North” or the “Company”) announces that the non-brokered private placement
(the “FT Unit Offering”) announced on June 23, 2025 has been fully subscribed and will
close shortly.
As announced, the FT Unit Offering for aggregate
gross proceeds of up to $2,100,000 from the sale of flow-through units
of the Company (the “FT
Units”) is to be sold at a price of $0.21 per FT Unit. Each
FT Unit will be comprised of one common share and one-half of one
common share purchase warrant (each whole warrant, a “Warrant”) of the Company, each of
which will qualify as a “flow-through share” within the meaning of
subsection 66(15) of the Income Tax
Act (Canada) (the “Tax
Act”). Each Warrant will entitle the holder thereof to
purchase one common share (a “Warrant Share”) of the Company for a period of 48 months
from the issue date of the FT Units at an exercise price of $0.35 per
Warrant Share. The Warrant Share will be issued on a
non-flow-through basis. In connection with the FT Unit Offering, certain purchasers of FT Units
intend to subsequently (i) donate some or all of such FT Units to
registered charities, who may sell such FT Units to third-party
investors, and/or (ii) sell some or all of such FT Units to
third-party investors.
The Company also intends to raise up to an additional $500,000 by way
of a non-flow through non-brokered private placement (the “HD Unit Offering”) to accommodate
additional investment interest in Silver North. The HD Unit Offering is priced at
$0.15 per unit (the “HD
Units”), with each HD unit comprised of one common share and
one-half of one common share purchase warrant (each whole warrant, a
“Warrant”) of the Company.
Each Warrant will entitle the holder thereof to purchase one common
share (a “Warrant Share”)
of the Company for a period of 48 months from the issue date of the HD
Units at an exercise price of $0.35 per Warrant Share.
The Company intends to use the gross proceeds raised from the sale of
FT Units for exploration and related programs on the Company’s
Haldane and GDR mineral properties in the Yukon Territory. Proceeds of
the HD Units will be used for general and administrative expenses and
project pipeline development.
The Company will use an amount equal to the gross proceeds from the
sale of FT Units, pursuant to the provisions in the Tax Act, to incur
eligible “Canadian exploration expenses” that qualify as
“flow-through mining expenditures” as both terms are defined in
the Tax Act (the “Qualifying
Expenditures”) related to the Company’s projects in the
Yukon, on or before December 31, 2026, and to renounce all the
Qualifying Expenditures in favour of the subscribers of the FT Units
effective on or before December 31, 2025. If the Qualifying
Expenditures are reduced by the Canada Revenue Agency, the Company
will indemnify each FT Unit subscriber for any additional taxes
payable by such subscriber as a result of the Company’s failure to
renounce the Qualifying Expenditures as agreed.
The Company may pay finders’ fees comprised of cash and
non-transferable warrants in connection with the FT
Unit Offering and HD Unit Offering,
subject to compliance with the policies of the TSX Venture Exchange
(“TSXV”). Completion of
the two offerings and the payment of any finders’ fees remain
subject to the receipt of all necessary regulatory approvals,
including the approval of the TSXV. The FT Units offered are done so
under an arrangement structured by PearTree
Securities Inc.
Subject to compliance with applicable regulatory requirements and in
accordance with National Instrument 45-106 – Prospectus Exemptions
(“NI 45-106”), the FT
Units will be offered for sale to purchasers resident in Canada and/or
other qualifying jurisdictions pursuant to the listed issuer financing
exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing
Exemption”). Because the Offering is being completed pursuant
to the Listed Issuer Financing Exemption, the securities issuable from
the sale of FT Units to Canadian resident subscribers in the Offering
will not be subject to a hold period pursuant to applicable Canadian
securities laws.
There is an offering document related to the Flow-Through Offering
that can be accessed under the Company’s profile at www.sedarplus.ca.Prospective investors should read this offering document before makingan investment decision.
The securities issued with respect to the HD Unit Offering and the finder’swarrants will be subject to a hold period of four months and one dayin accordance with applicable securities laws.
The securities described herein have not been, and will not be,registered under the U.S. Securities Act, as amended, or any statesecurities laws, and accordingly, may not be offered or sold withinthe United States or the US persons except in compliance with theregistration requirements of the U.S. Securities Act and applicablestate securities requirements or pursuant to exemptions therefrom.This press release does not constitute an offer to sell or asolicitation to buy any securities in any jurisdiction.
Use of FT Unit Offering Proceeds
Proceeds from the contemplated financing will be used for explorationof the Company’s Haldane and GDR projects, both of which are locatedin Yukon Territory. A prospecting, sampling and mapping program isslated for the Veronica claim block of the GDR Project, locatedadjacent to the Company’s Tim Property (under option to CoeurMining) in the Silvertip District of southern Yukon. Exploration willfollow up on an unexplained multi-element soil geochemical anomalythought to potentially reflect covered CRD-style silver-lead-zincmineralization.
At Haldane, a 10 hole (2,500 m) diamond drilling program will targetexpansion of Keno-style silver lead-zinc mineralization at the newlyidentified Main Fault target, a wide zone with at least three highgrade silver veins identified to date. Drilling will aim to expandboth along strike and to depth of the two discovery holes completed in2024, one of which returned 1,088 g/t silver, 3.90 g/t gold, 1.89%lead and 0.63% zinc over 1.83 metres.
About Silver North Resources Ltd.
Silver North’s primary assets are its 100% owned Haldane Silver
Project (next to Hecla Mining Inc.’s Keno Hill Mine project), the
Tim Silver Project (under option to Coeur Mining, Inc. in the
Silvertip/Midway District, BC and Yukon) and the GDR project also in
the Silvertip/Midway district. Silver North also plans to acquire
additional silver properties in favourable jurisdictions.
The Company is listed on the TSX Venture Exchange under the symbol
“SNAG”, trades on the OTCQB market in the United States under the
symbol “TARSF”, and under the symbol “I90” on the Frankfurt
Stock Exchange.
Mr. Jason Weber, P.Geo., President and CEO of Silver North Resources
Ltd. is a Qualified Person as defined by National Instrument 43-101.
Mr. Weber supervised the preparation of the technical information
contained in this release.
For further information, contact:
Jason Weber, President
and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Fax: (888) 889-4874
To learn more visit: www.silvernorthres.com
X: https://X.com/SilverNorthRes
LinkedIn: https://www.linkedin.com/company/silvernorth-res-ltd/
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THEPOLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. STATEMENTS IN THIS NEWS RELEASE, OTHER THANPURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THECOMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDEFORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ONNUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS ANDUNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS ARESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THEFORWARD- LOOKING STATEMENTS.
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