Silver Tiger Closes $11 Million Non-Brokered Private Placement With Investment by Eric SprottJul 28, 2020
HALIFAX, NOVA SCOTIA – July 28, 2020 – Silver Tiger Metals Inc. (TSXV:SLVR and OTCQB:SLVTF) ("Silver Tiger" or the “Corporation”) is pleased to announce that it has closed its previously announced institutional non-brokered private placement of units of the Corporation (“Private Placement”) for gross proceeds of $11 million, including $4 million from Eric Sprott, with the majority of the balance invested by strategic institutional resource funds.
Silver Tiger issued an aggregate of 36,666,667 units at a price of $0.30 each (the “Units”). Each Unit is comprised of one common share of the Corporation and one-half common share purchase warrant, with each full warrant exercisable at $0.50 for 36 months after the issuance of the warrants.
Glenn Jessome, President and CEO of Silver Tiger, commented, “We are pleased to have Mr. Sprott's support along with that of our other strategic institutional resource investors. We are now fully funded to drill the high grade vein extensions to the North and South of the historic El Tigre Mine.”
The net proceeds from the offering shall be primarily used to fund continued exploration of the Corporation’s El Tigre silver property located in Sonora, Mexico. A portion of the proceeds will be used for general working capital purposes.
In connection with the closing, Silver Tiger issued 2,000,000 finder's warrants to one finder who acted on behalf of the Corporation in connection with the Private Placement. Each finder's warrant is exercisable into one common share of the Company at $0.50 per share, for a period of 36 months from the closing date.
All common shares issued in connection with the Private Placement and all common shares issued in connection with the finder's warrants are subject to a four-month hold period that expires on November 28, 2020.
Red Cloud Summer Silver Conference – July 28, 2020
Glenn Jessome, the President and CEO of Silver Tiger, will be a panelist at the virtual Red Cloud Summer Silver Conference today and he will be providing an El Tigre VRIFY presentation at the Conference at 3:45 EST. Please click on the link below to register for the Conference.
About the El Tigre Silver Property
The El Tigre silver property lies at the northern end of the Sierra Madre gold belt which hosts many epithermal gold and silver deposits including Dolores, Santa Elena and Chispas at the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with the Brown Shaft in 1903. The focus soon changed to mining high-grade silver veins in the area with much of the production coming from the El Tigre vein. Underground mining on the El Tigre vein extended 1,450 meters along strike and mined on 14 levels to a depth of 450 meters. By the time the mine closed in 1938, it is reported to have produced a total of 67.4 million ounces of silver and 353,000 ounces of gold from 1.87 million tons (Craig, 2012).
Silver Tiger’s district scale El Tigre silver property is approximately 35 kilometers long and comprises 28,414 hectares and includes 25 kilometers of the prolific Sierra Madre trend. The El Tigre silver and gold deposit is related to a series of high-grade epithermal veins controlled by a north-south trending structure cutting across the andesitic and rhyolitic tuffs of the Sierra Madre Volcanic Complex within a broad gold and silver mineralized prophylitic alternation zone. The veins dip steeply to the west and are typically 1 meter wide but locally can be up to 5 meters in width. The veins, structures and mineralized zones outcrop on surface and have been traced for 5.3 kilometers along strike. Historical mining and exploration activities focused on a 1.5 kilometer portion of the southern end of the deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. The unexplored Caleigh, Fundadora and Protectora exposed veins continue north for more than 3 kilometers and will be targets of Silver Tiger’s exploration.
El Tigre Resource Estimate
After acquiring El Tigre, the Corporation drilled 12,500 meters to define the halo of near surface gold mineralization around the mined high-grade veins of the historic El Tigre Mine. This allowed Silver Tiger to deliver a maiden resource estimate for the El Tigre Property to a depth of 150 meters containing indicated resources of 661,000 gold equivalent ounces at 0.77 g/t (21 g/t silver and 0.51 g/t gold) and inferred resources of 341,000 gold equivalent ounces at 1.59 g/t (88 g/t silver and 0.52 g/t gold). The National Instrument 43-101 Technical Report is available on the Corporation’s website and on SEDAR under the Corporation’s profile.
David R. Duncan, P. Geo., V.P. Exploration of the Corporation, is the Qualified Person for Silver Tiger as defined under National Instrument 43-101. Mr. Duncan has reviewed and approved the scientific and technical information in this press release and has reviewed the Technical Report.
VRIFY Slide Deck and 3D Presentation – Silver Tiger’s El Tigre Silver Property
VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps.
Access the Silver Tiger Metals Inc. Corporate Profile on VRIFY at: https://vrify.com
For further information, please contact:
President and CEO
902 492 0298
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, the ability to convert inferred resources to indicated resources, the ability to complete future drilling programs and infill sampling, the ability to extend resource blocks, the similarity of mineralization at El Tigre to Delores, Santa Elena and Chispas, exploration results, and future plans and objectives of Silver Tiger, are forward-looking statements that involve various risks and uncertainties. Forward-looking statements are frequently characterized by words such as “may”, “is expected to”, “anticipates”, “estimates”, “intends”, “plans”, “projection”, “could”, “vision”, “goals”, “objective” and “outlook” and other similar words. Although Silver Tiger believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Silver Tiger’s expectations include risks and uncertainties related to exploration, development, operations, commodity prices and global financial volatility, risk and uncertainties of operating in a foreign jurisdiction as well as additional risks described from time to time in the filings made by Silver Tiger with securities regulators.
(Not for distribution to US wire services or for dissemination in the United States of America)
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The disclosure on this Website has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. Disclosure, including scientific or technical information, has been made in accordance with Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. As a result, information contained on this Website containing descriptions of the mineral properties or estimates of mineral reserves or resources of Silver Tiger is not comparable to similar information disclosed by U.S. companies in reports filed with the SEC.
For example, the terms "measured mineral resources", "indicated mineral resources", "inferred mineral resources", "proven mineral reserves" and "probable mineral reserves" are used on this Website to comply with the reporting standards in Canada. While those terms are recognized and required by Canadian regulations, the SEC does not recognize them.
Under the rules and regulations of the SEC set forth in Industry Guide 7, a U.S. company may only disclose estimates of proven and probable mineral reserves, and may not disclose estimates of any classification of mineral resources. In addition, the definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in the SEC Industry Guide 7. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Investors are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into mineral reserves. Any estimate of mineral reserves or resources has a great amount of uncertainty as to its existence, and great uncertainty as to its economic and legal feasibility with estimates of mineral resources having a greater degree of uncertainty. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a mineral reserve or mined. Further, in accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources, or inferred mineral resources on this Website will ever be classified as a reserve. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves as in place tonnage and grade without reference to unit measures.