Mr. Jason
Weber reports
SILVER NORTH ANNOUNCES $2.1 MILLION FLOW THROUGH SHARE PRIVATE PLACEMENT
Silver North Resources Ltd. has arranged a non-brokered private placement for aggregate gross proceeds of up to $2.1-million from the sale of six million flow-through shares of the company to be sold at a price of 35 cents per FT share. Each FT share will be composed of one common share that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).
The company will use an amount equal to the gross proceeds from the sale of FT shares, 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 related to the company's Yukon projects, on or before Dec. 31, 2026, and to renounce all of the qualifying expenditures in favour of the subscribers of the FT shares, effective Dec. 31, 2025.
The company intends to pay finders' fees composed of 7 per cent in cash and 7 per cent in non-transferable warrants in connection with the offering, subject to compliance with the policies of the TSX Venture Exchange. The finder warrants will be valid for 24 months at the offering price. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX-V. Red Cloud Securities Inc. will be acting as a finder in connection with the offering.
Use of proceeds
Proceeds from the contemplated financing will be used for exploration of the company's Haldane project and GDR mineral properties in Yukon territory. The company is planning follow-up drilling at the Main Fault target at Haldane, slated to commence as soon as weather and snow conditions allow.
About
Silver
North
Resources
Ltd.
Silver
North's
primary
assets
are
its
100-per-cent-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, British Columbia 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.
Jason Weber, PGeo, president and chief executive officer of Silver North, is a qualified person
as
defined
by
National
Instrument
43-101.
Mr.
Weber
supervised
the
preparation
of
the technical information contained in this release.
We seek Safe Harbor.
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