SILVER FIELDS ANNOUNCES PRIVATE PLACEMENT
Chris England, President of Silver Fields Resources Inc., (“Silver Fields”) announces the Company is offering a non brokered private placement for securities in the amount of $350,000.
The issue will consist of up to 3,500,000 units at $0.10 per unit. Each unit consists of one common share in the capital of the Company and one share purchase warrant. Each warrant will entitle the holder to buy one common share of the Company for a period of 24 months from the date of the closing of the Private Placement. The exercise price of the warrants will be $0.15 for the first 12 month term of the warrants and $0.20 for the remaining 24 month term of the warrants.
The Company shall rely on the “Accredited Investor Exemption” (B.C., Alberta, Ontario) and the “Friends and Relatives Exemption” (B.C.), and therefore will not be preparing an offering document.
The gross proceeds of the offering will be used in part for general working capital.
The Company will pay a finder’s fee in connection with the Private Placement, of 10% cash plus 10% Agent’s Warrants where permitted by the TSX Venture Exchange. The exercise price of the Agent’s Warrants will be $0.15 for the first 12 month term of the warrants and $0.20 for the remaining 24 months term of the warrants.
The Private Placement is subject to the approval of the TSX Venture Exchange.
Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time. The Company’s actual results may differ materially from the expected results.
We seek Safe Harbor.