Burlington, Ontario–(Newsfile Corp. – December 6, 2022) – On October 21, 2022 Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announced a financing of Units (the “Financing”), whereby each Unit consisted of one common share and one common share purchase warrant. Each Unit is priced at $0.20 (twenty cents). Each common share purchase warrant has a 2-year term and is exercisable at $0.30 (thirty cents).
SBMI announces it has closed on the final tranche of the Financing, being $360,912. This represents 1,804,560 common shares and 1,804,560 common share purchase warrants. This together with the first tranche totals $807,912, an oversubscription from the announced target of $600,000. No insiders participated and there here are no finder fees payable on this tranche.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.
For lithium that change happened in 2018, which, for one, shows just to what extent the EV industry is still in its infancy, and two, just what an impact the additional demand from EVs will have on raw material prices.
Benchmark Source, a new service from the London-HQed battery supply chain research firm, reports that lithium prices in China touched a fresh record high mid-November, just shy of $80,000 a tonne.
Prices of Chinese battery grade lithium hydroxide, which is used in high nickel cathodes, are up 150% year-to-date. Lithium carbonate prices have followed a similar trajectory. While well below their Q1/Q2 highs, nickel and cobalt sulphate prices have also regained some ground since hitting 2022 lows in Q3.
Cathode cost climb
Lithium iron phosphate (LFP) batteries have lost some of their cost competitiveness to ternary cathodes using the dominant nickel-cobalt-manganese (NCM) chemistries due to the rise in the price of lithium.
According to Benchmark’s Cathode Price Assessment, high nickel content NCM 811 (8 parts nickel and one each cobalt and manganese) cathodes could be had for $78.64 per kWh on the spot market in October this year. That’s up nearly 18% year to date and a doubling since January 2021.
For LFP, which is close to hitting $50 per kWh today, was only priced at $12.79/kWh in January 2021, which means LFP cathodes are up 288% in less than two years.
Driven by advances in battery packs to overcome some of the drawbacks of the chemistry in terms of energy intensity, LFP’s overall cathode market share has climbed from 23% in 2017 to nearly 42% this year, according to Benchmark data.
Cathode CAGR tops 40%
Caspar Rawles, Benchmark’s Chief Data Officer, told the conference audience that global cathode production has increased at an annual compound rate of 42% since 2017 and is forecast to top 2 million tonnes this year.
Source: Benchmark Mineral Intelligence.
Even that astonishing growth has not been enough to satisfy rampant demand growth from electric cars. Rawles said EV battery demand has really accelerated since 2020 as incentives and regulations in China, Europe and the US caused a step change in auto sales and battery manufacturing capacity.
Global EV demand measured in kWh expanded some 23% in the four years through 2020, but in the past two years the compound growth rate has climbed to just under $45%.
IRA
China’s dominance in cathode manufacture is only slowly being chipped away despite the steady stream of announcements of billion dollar battery factory projects in Europe and North America.
China controls 78% of global output of cathodes (the figure for anodes is 91%) and 70% of the world’s cell production.
Source: Benchmark Mineral Intelligence.
Rawles says there are various efforts in the West to decouple from China, including Canada ordering China to divest from the country’s lithium industry, $2.8 billion in grants and many times that in loans from the US Dept of Energy, critical mineral grants under the Defense Production Act, $60 billion in cumulative Environmental Justice Initiatives and $6 billion in credits for up to 30% of manufacturing projects capital expenditure under the Inflation Reduction Act.
Rawles said the IRA that “shake[s] up the industry” and the US and global EV supply chain, and in particular draws attention to Section 45X – Advanced Manufacturing Production Tax Credit, which makes available around $30 billion in tax credits:
“While there is still some information to come out [regarding detailed provisions in the IRA] as a refiner, if you source your materials in the US and you process them to battery grade you’re eligible for 10% of your operating costs.
“But there is no sunset clause on that so theoretically, until the law changes, you can get ten percent of your opex for your lithium refinery for example in perpetuity.”
America first
The IRA has already provided a big boost to the development of the US battery supply chain, with the US overtaking Europe in the second half of this year in terms of announced new battery capacity. The US battery pipeline is nearing 1 terawatt hours, according to Benchmark.
LG Chem’s recent decision to build a $3.2 billion battery cathode facility in Tennessee alone could more than double North American cathode production when it goes into production in 2027.
Benchmark calculates the plant could supply 18% of North America’s 2030 cathode demand if it operated at its full announced capacity of 120,000 tonnes a year.
Vancouver, British Columbia–(Newsfile Corp. – November 30, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to report it has signed a definitive sale and royalty agreement with Minera Fresnillo, S.A. de C.V. (“Fresnillo”) a wholly owned subsidiary of Fresnillo PLC for the sale of Riverside’s Tajitos Gold Project (“Tajitos”) located in Sonora, Mexico. Riverside will receive a US$2,500,000 cash payment and retain a 2.0% NSR (“Royalty”).
The Tajitos Gold Project is located less than 30 kilometers from Fresnillo’s Noche Buena mining operations. Riverside’s Tajitos Gold Project includes the Tejo and Tajitos mineral concessions covering 45 km² of prospective ground next to Fresnillo’s property (also named Tajitos).
Riverside’s President and CEO, John-Mark Staude, stated: “This transaction adds another quality NSR to our growing royalty portfolio and brings our cash position to more than C$8,000,000, which puts us in a great position to grow our business during 2023-2024. We are pleased to deliver another deal with a high caliber international mining company, which is a testament to the quality of projects our team has generated and Riverside maintains in our property portfolio.”
Transaction Details:
Riverside will receive a payment of US$2,500,000 from Fresnillo and retain a 2.0% NSR. Fresnillo will have, for a four-year term, the option to buy back half of the 2.0% NSR for a payment of US$1.5M. If enacted, then Fresnillo would have an additional three years to buy back the remining 1% NSR for another US$1.5M. If Fresnillo does not exercise its first buy back option during the first four-year term, the Royalty will no longer be subject to any buy back provisions. The NSR covers the entire Riverside land package and a full NSR Agreement has been agreed upon and included in the signed contract between the companies. If Fresnillo wishes to reduce mineral claims, then the Company has the first right to retain those mineral tenures before they are dropped.
Riverside remains focused on its 100% owned projects, within its portfolio in Canada and Mexico, and its alliance with BHP. The Company is also always working towards potential incoming additional alliances and partnerships.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the 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.
Joining us for a conversation is Ari Sussman of Collective Mining, Colombia’s Most Exciting Exploration Company. Collective Mining has just announced another significant development coming from the flagship Guayabales Project. Today’s discussion will focus on the Main Breccia at the Apollo Target which is delivering High Grade along with some remarkable continuity with a new Strike of 385 Meters, Width at 350 Meters, and Vertical 825 Meters!
In this video, we’ll be highlighting Collective Mining and their recent Breccia expansion at the Apollo Target. Collective Mining is becoming a front runner in the junior mining space with their flagship Guayables Project,
Collective Mining: Rapidly advancing, large scale gold-copper-silver-moly porphyry and breccia targets with related high-grade vein systems in the mining-friendly department of Caldas in Colombia
Collective Mining’s two projects the Guayabales (Flagship) and the San Antonio (Secondary) are situated in Marmato, an underexplored yet multi-million ounce, high-grade gold and silver district located in the Middle Cauca belt in Colombia. With six out of eleven targets drilled, the Company has made three promising grassroot discoveries to date and is awaiting assay results on a potential fourth discovery. Drilling activity continues at a brisk pace with a 20,000+ metre drill program in 2022.
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VANCOUVER, BC / ACCESSWIRE / November 29, 2022 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) announces it has filed an Early Warning Report related to its holdings of 3,900,000 common shares of Heritage Mining Ltd. (“Heritage”) (CSE: HML) which represents approximately 11.8% of the total issued and outstand shares of Heritage. These shares were issued to Stillwater Critical Minerals as well as a cash payment of $150,000 and completion of $500,000 project work to satisfy first anniversary commitments per the Definitive Earn-In Agreement announced November 29, 2021 with respect to the Drayton-Black Lake gold project in Ontario, Canada.
The Heritage shares are held directly by Stillwater Critical Minerals for investment purposes. Additional share payments to Stillwater Critical Minerals are required under the Agreement and SWCM may in the future take such actions in respect of its shares as it deems appropriate in light of the market circumstances then existing including the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers.
There are no persons acting jointly or in concert with Stillwater Critical Minerals with respect to the shareholdings in Heritage, nor has the Company entered into any agreements in respect of its shareholdings in Heritage with any person with which SWCM acts jointly or in concert.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com.
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighbouring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth, with an updated NI 43-101 mineral resource update currently in progress.
Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company also holds the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
Neither the 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.
VANCOUVER, British Columbia, Nov. 23, 2022 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR; OTCQB: HAMRF) (the “Company” or “Silver Hammer”) is pleased to announce the appointment of the Company’s long term strategic advisor and supporter of the Company, Warwick Smith, as the Company’s new Interim President and Interim CEO, effective immediately.
To facilitate Mr. Smith’s appointment, Morgan Lekstrom has resigned as the President and CEO of the Company, effective immediately. The Company wishes Mr. Lekstrom well in his future endeavors.
Interim President and CEO, Warwick Smith, stated: “Silver Hammer is a well-structured and well-positioned company with cash and high-grade past-producing assets that have tremendous exploration upside. We expect to have assay results from our Silver Strand Project in the coming weeks and have a queue of quality drill targets now defined at our other projects that provide us with optionality in terms of potential joint ventures. I look forward to bringing my experience and working with our team to deliver shareholder value on an interim basis as we put this company on track for future growth.”
At just 30 years old, Warwick was a founding shareholder of Riverside Resources Inc. before becoming CEO of Western Pacific Resources Corp. at age 33 where he successfully negotiated the transaction to acquire the Deer Trail Mine (now operated by MAG Silver), while concurrently closing $18M in financing. As current CEO and Director of America Pacific Mining Corp., Mr. Smith negotiated the transaction to purchase the past-producing Madison Mine in Montana, a joint venture, earn-in agreement with major, Rio Tinto, a transaction that was subsequently nominated for the S&P Global Platts Deal of The Year for 2021. Subsequently, Mr. Smith led American Pacific in its takeover of Constantine Metals, which brought the 14 million tonne high-grade VMS Palmer Project, under partnership with Dowa Mining and Metals, into the portfolio.
In 2022 Mr. Smith was nominated for CEO of the Year by S&P Global Platts. As an industry expert, Mr. Smith has been featured on Bloomberg, Benzinga, Investing.com, Mining Journal, Northern Miner, S&P Global Platts, Globe and Mail, Kitco, Traders TV and Mining Weekly and continues to be a significant investor in the mining and metals sector.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold discoveries.
On Behalf of the Board of Silver Hammer Mining Corp.
Warwick Smith Interim President and CEO
Corporate Office: Suite 206 – 595 Howe Street Vancouver, BC V6C 2T5
Check out this great interview with Judson Culter the CEO of Rover Metals, as the company is expanding its portfolio onto critical minerals. Will shareholders have a positive reaction to the new portfolio diversification? Find out right here!
A CRITICAL MINERALS EXPLORATION COMPANY Rover Metals (“Rover”) is a publicly traded Canadian junior mining company specialized in North American critical minerals and precious metal development-stage mining projects. Rover’s twelve month forward-looking plan is to advance exploration at our Nevada Claystone Lithium project and at our Northern Canada Zinc-Copper project, located near the city of Yellowknife, NT, Canada. The Indian Mountain Lake Project is the Company’s first district scale land package, representing approximately 30,000 acres of greenstone belt.
Rover Metals also has 100% ownership of several gold mining assets located near to the city of Yellowknife, NT. Rover obtained a public listing for its securities on the TSX Venture Exchange as a Tier II Mining Issuer on June 26, 2018.
Rover Metals trades under the symbol “ROVR” on the TSXV. Rover also obtained a public co-listing of its securities on the OTCQB on January 17, 2019 (OTCQB: ROVMF), and on the Frankfurt Stock Exchange on February 1, 2021 (FRA: 4XO).
The Company is run by an experienced management team and board that are career mining executives. Our management team and board have a proven history financing the development of mining projects, taking them into production, and re-selling them.
The Best Video on Why and When to Buy and Sell Physical Precious Metals:
I’m a licensed broker for Miles Franklin Precious Metals Investments, The Only Online Dealer that is Licensed and Bonded (Period)! Where we provide unlimited options to expand your precious metals portfolio, from:
Joining us for a conversation is Ari Sussman of Collective Mining, Colombia’s Newest Exploration Company. Collective Mining has just announced another significant development coming from the flagship Guayabales Project demonstrating continuity with a new Strike of 385 Meters, Width at 350 Meters, and Vertical 825 Meters! In this interview with provide shareholders with an update on the Collective Mining’s Exploration Program, which was just extended another 3,000 Metres on the back of a successful $10 Million Finance.
In this video, we’ll be highlighting Collective Mining and their recent Breccia expansion at the Apollo Target. Collective Mining is becoming a front runner in the junior mining space. With their flagship Guayables Project, Collective Mining is looking to materially expand their current mineral holdings.
If you’re interested in junior mining stocks, then you’ll want to check out this video! We’ll discuss Collective Mining’s new project, Apollo, and what this could mean for the junior mining space. Make sure to subscribe to our channel so you never miss an update!
In this video, I’m discussing the flagship Guayabales Project, specifically the Apollo Target with Aris Sussman of Collective Mining. The expansion at the Apollo gold project in Colombia, and how this could lead to further gains for Collective Mining shareholders.
Collective Mining: Rapidly advancing, large scale gold-copper-silver-moly porphyry and breccia targets with related high-grade vein systems in the mining-friendly department of Caldas in Colombia
Collective Mining’s two projects the Guayabales (Flagship) and the San Antonio (Secondary) are situated in Marmato, an underexplored yet multi-million ounce, high-grade gold and silver district located in the Middle Cauca belt in Colombia. With six out of eleven targets drilled, the Company has made three promising grassroot discoveries to date and is awaiting assay results on a potential fourth discovery. Drilling activity continues at a brisk pace with a 20,000+ metre drill program in 2022.
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Proven and Probable Where we deliver Mining Insights & Bullion Sales. I’m a licensed broker for Miles Franklin Precious Metals Investments, The Only Online Dealer that is Licensed and Bonded (Period)! Where we provide unlimited options to expand your precious metals portfolio, from
Special Thanks to Chris Marcus of Arcadia Economics: https://arcadiaeconomics.com/
The Best Video on Why and When to Buy and Sell Physical Precious Metals:
Proven and Probable Where we deliver Mining Insights & Bullion Sales. I’m a licensed broker for Miles Franklin Precious Metals Investments, The Only Online Dealer that is Licensed and Bonded (Period)! Where we provide unlimited options to expand your precious metals portfolio, from
This press release corrects, replaces and entirely supersedes the prior version published on November 21, 2022 at 4:00 PM ET
VANCOUVER, BC / ACCESSWIRE / November 22, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce results from an Induced Polarization (“IP”) survey conducted on the Company’s 100%-owned Carmacks copper-gold-silver project (“Carmacks” or the “Deposit”) in the Minto Copper District of central Yukon, Canada. The large, highly prospective, potential resource expansion targets identified adjacent to or near the proposed open pits warrant follow-up exploration in upcoming campaigns. The Company further announces it has closed the second and final tranche of the private placement financing described in a news release dated October 5, 2022.
President & CEO, Tim Johnson, stated, “These multiple new zones and targets adjacent to the conceptual open pits, as defined by the March NI 43-101 Mineral Resource Estimate update, further highlight the prospectivity of our Carmacks project. Our team continues to do excellent work at Carmacks and we are confident in our ability to expand known mineralization and make new discoveries in the lesser explored parts of the 176km2 project. The current focus is the completion of the upcoming PEA and we look forward to reporting on the robust economics of the Carmacks project in the near term.”
Survey Overview
The first survey line (Line 1100S) was conducted over Zone 147 to investigate the correlation between known copper sulphide mineralization and the chargeability response from the Simcoe Geophysics deep-penetrating IP survey (see Figure 2 below). Subsequent survey lines were conducted over near-deposit target areas.
The results of the survey were enhanced by Resistivity Scaled Chargeability (“RSC”). RSC is a ratio of chargeability to resistivity (electrical properties measured by the IP survey) with the applied ratio determined by comparing various ratios to known mineralized bodies. The well-defined Zone 147 was used as a model to determine the RSC ratio that best fit the known mineralization. (See Figure 4 below).
Figure 1 – Carmacks Copper-Gold Project Location
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1100S, surveyed over defined sulfide copper mineralization in Zone 147, established a model for the RSC response and identified a new zone ~920 meters to the west. This new zone, named the Sourtoe Zone, extends 200m south to Line 1300S. This zone has been investigated with soil samples and trenching, exposing visually mineralized material close to surface (results pending). The soils and trenching were designed to evaluate the geochemical and geological signatures of this near-surface IP response and their similarities to known mineralized zones.
Figure 3 – 2022 IP Survey Line 1100S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1300S shows a potential continuation of the Sourtoe Zone, giving the zone a minimum of 200m strike length as well as a new, deeper target, the 147 Deep Target, several hundred meters below the proposed 147 pit.
Figure 4 – 2022 IP Survey Line 1300S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1500S, designed to test the gap area between zones 2000 and 147 (the “Gap Zone”), was successful in identifying a significant anomaly that is offset to the west from both zones. 3D modeling of historic drilling shows that this target has not been drill tested and could represent a southern extension of the 147 zone. The Gap Zone Target is a top candidate for additional near-deposit exploration (See figure 4). Additionally, a new, deeper target area that appears on this line and extends to line 1700S has been identified as the 58 Target.
Figure 5 – 2022 IP Survey Line 1500S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1700S, located 200m south of Line 1500S, shows the probable Gap Zone Target continuing southwards towards Zone 2000 as well as the newly identified 58 Target. Additionally, a shallow anomaly east of the proposed pit is identified as a possible continuation of Zone 4 proximal to the 147 pit.
Figure 6 – 2022 IP Survey Line 1700S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 3300S, the southern most line completed in this survey highlights the potentiality of the area underneath the proposed 1213 pit. Additionally, an anomaly on the western portion of the line has been identified as 1213 west target for further follow up. With the current pit design bottoming out at 180 meters there remains significant room to grow the resource in this area. Additional lines on 200m spacing over the 1213 area are planned for subsequent geophysical campaigns to further define the zone.
Figure 7 – 2022 IP Survey Line 3300S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
The Company announces the completion of the second tranche of the previously announced private placement offering (the “Offering”) which has raised aggregate proceeds of $148,700 through the issuance of a total of 1,142,667 non-flow-through units and 572,727 flow-through shares (the “Offering”). The Offering remains subject to the final approval of the TSX Venture Exchange.
The Company issued an aggregate of 1,933,273 flow-through shares (“FT shares”) at a price of $0.11 per share, to raise proceeds of $212,660.03 to incur Canadian Exploration Expenses (“CEE”) under the Income Tax Act (Canada). The Company raised a further $193,799.93 through the issuance of 2,583,999 non flow-through units at a price of $0.075 with each unit consisting of one common share of the Company and one warrant (a “Warrant”), with each Warrant allowing the holder to purchase one common share of the Company at a price of $0.10 per share for twenty-four months from the Closing Date of the Offering.
All shares issued under the Offering are subject to a hold period of four months and one day from issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The Offering remains subject to the final approval of the TSX Venture Exchange.
The Company has agreed to pay finders’ fees totalling of $13,259 in cash or shares on a portion of the Private Placement and to issue 127,042 finder warrants. Each finder warrant is exercisable into one common share of the Company at a price of $0.10 per share for a period of 24 months from the date of closing.
The Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as insiders of the Company subscribed for an aggregate of 600,001 units for proceeds of $48,500.08. The Company relied on the exemptions in Section 5.5(b) – Issuer Not Listed on Specified Markets from the formal valuation requirements of MI 61-101 and relied on the exemption in Section 5.7(1)(a) – Fair Market Value Not More Than 25 Per Cent of Market Capitalization from the minority shareholder approval requirements of MI 61-101. The Company did not file a material change report at least 21 days before the expected closing date of the Offering as the aforementioned insider participation had not been confirmed at that time and the Company wished to close the Offering as expeditiously as possible.
Qualified Persons
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176km2 Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project hosts a National Instrument 43-101 compliant mineral resource estimate consisting of 36.2 million tonnes grading 0.81% Cu, 0.31 g/t Au and 3.41 g/t Ag on trend with Minto Metals’ high-grade Minto copper-gold mine and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the 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.
