Kootenay Silver Inc. (TSX-V: KTN) is pleased to announce that further to its press release dated November 15, 2017, it has closed the initial tranche of its non-brokered private placement and has issued an aggregate of 19,549,480 units at a purchase price of $0.20 per Unit for gross proceeds to the Company of $3,909,896. Each Unit consists of one common share and one-half of a transferable common share purchase warrant. Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.30 per share until December 13, 2020. Cash finder’s fees to arm’s length parties totaling $154,600 have been paid on this portion of the Private Placement.
The final tranche of the Private Placement to raise a further $109,000 by the issuance of an additional 545,000 Units is expected to close shortly, for aggregate total gross proceeds to Kootenay under the Private Placement of $4,018,896. The Company will announce the closing of the final tranche upon completion.
The net proceeds of the Private Placement will be used to fund the exploration and development of the Company’s La Cigarra project in Chihuahua State, Mexico, possible new acquisitions and for general working capital purposes.
All securities issued pursuant to the Private Placement are subject to a four month hold period under applicable securities laws in Canada, ending on April 14, 2018.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any State Securities Laws and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act. This release does not constitute an offer for sale of securities in the United States.
About Kootenay Silver Inc.
Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Supported by one of the largest portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The Company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of two of its priority silver projects located in prolific mining districts in Sonora, State and Chihuahua, State, Mexico, respectively.
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