Silver One Inc. (TSX-V: SVE) (OTCQX: SLVRF) (FSE: BRK1) is pleased to announce that it has closed its previously announced non-brokered private placement financing (see news release dated April 17, 2023) of 23,809,524 common shares of the Company at a price of $0.21 per Share for aggregate gross proceeds of $5,000,000.

Greg Crowe, President and CEO commented: “This is the fourth time Eric Sprott has taken a position in the Company. We are very appreciative of his ongoing support. With the funds received under the Offering, the Company is well positioned to further advance its silver assets in Nevada and Arizona.”

The Shares issued under the Offering will be subject to restrictions on resale for a period of four months and a day pursuant to applicable securities law, until August 22, 2023. The Company paid finder’s fee of $7,860.07 to Canaccord Genuity Corp.

As previously announced, the net proceeds of the Offering will be used to satisfy the Company’s bond obligations under its option agreement to acquire the Candelaria Project, various work programs, including exploration and maintenance fees, of the Company’s mineral properties and general working capital purposes.  Once the bond obligations are satisfied, Silver One will have a 100% interest in the Candelaria project, with no royalties back to SSR Mining.

This news release does not constitute an offer to sell, or solicitation of an offer to buy, nor will there be any sale of any of the securities offered in any jurisdiction where such offer, solicitation or sale would be unlawful, including the United States of America. The securities being offered as part of the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and any applicable state securities laws, or pursuant to available exemptions therefrom.

About Silver One

Silver One is focused on the exploration and development of quality silver projects.  The Company holds an option to acquire a 100%-interest in its flagship project, the past-producing Candelaria Mine located in Nevada.  Potential reprocessing of silver from the historic leach pads at Candelaria provides an opportunity for possible near-term production.  Additional opportunities lie in previously identified high-grade silver intercepts down-dip and potentially increasing the substantive silver mineralization along-strike from the two past-producing open pits.

The Company has staked 636 lode claims and entered into a Lease/Purchase Agreement to acquire five patented claims on its Cherokee project located in Lincoln County, Nevada, host to multiple silver-copper-gold vein systems, traced to date for over 11 km along-strike.

Silver One holds an option to acquire a 100% interest in the Silver Phoenix Project. The Silver Phoenix Project is a very high-grade native silver prospect that lies within the “Arizona Silver Belt”, immediately adjacent to the prolific copper producing area of Globe, Arizona.