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Kootenay Announces $2 Million Investment from Sprott Asset Management

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Kootenay Announces $2 Million Investment from Sprott Asset Management

 

 

 

 

 

Kootenay Silver Inc.  (TSX-V: KTN) is pleased to announce a non-brokered private placement of $2,000,000 consisting of 7,692,308 units at a price of $0.26 per Unit.

 

James McDonald President and CEO stated, “We are happy to have initially secured the personal support of Eric Sprott and now separately, Sprott Asset Management LP(1). With this additional investment we are in a strong position to continue to aggressively move both our high-grade projects, Columba and Copalito ahead over the coming months.”

 

Each Unit will be comprised of one common share and one-half of one non-transferable common share purchase warrant. Each Warrant will be exercisable to purchase an additional one common share of the Company at an exercise price of $0.40 per Warrant Share for a period of 24 months immediately following the closing date of the Private Placement.

 

Net proceeds of the Private Placement will be used to advance exploration of the Columba Silver Project in Chihuahua State, Mexico, potentially adding a further drill rig to expedite the current drill program, and to fund further work at Copalito, La Cigarra and other projects as well as for general working capital purposes.

 

All securities to be issued pursuant to the Private Placement will be subject to a four month hold period from the closing date under applicable securities laws in Canada and among other things, receipt by Kootenay of all necessary regulatory approvals, including the TSX Venture Exchange.

 

The securities being offered under the Private Placement have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

 

(1) Sprott Asset Management LP itself does not own any shares in Kootenay but is acting in its capacity as sub-adviser to Ninepoint Silver Equities Class.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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.

 

Posted October 4, 2019

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