TORONTO, Dec. 03, 2021 - Sulliden Mining Capital Inc. (TSX: SMC) ("Sulliden" or the "Company") is pleased to announce it has closed its non-brokered private placement financing of 22,222,219 units of the Company ("Units") at a price of $0.135 per Unit for gross proceeds to the Company of $3,000,000 (the "Offering"). For more information on the Offering, please see the Company's press release dated October 13, 2021, which is available under the Company's profile on SEDAR at www.sedar.com.
Pursuant to the Offering, Sulliden issued 22,222,219 units of the Company at a price of $0.135 per Unit. Each Unit is comprised of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.25 for a period of five years following the closing date of the Offering. All securities issued are subject to a statutory hold period of four months and one day, expiring on April 4, 2022. No finder's fees were paid in connection with the Offering. Completion of the Offering is subject to receipt of final approval of the Toronto Stock Exchange ("TSX").
At the Annual and Special Meeting of Shareholders of the Company held on November 26, 2021, Sulliden shareholders approved the Offering, being a private placement of the Company's securities in excess of 25% of its outstanding securities, as further described in the Management Information Circular dated October 28, 2021.
The Company intends to use the net proceeds from the issuance for the advancement of its East Sullivan mining project and for general working capital purposes.
About Sulliden
Sulliden is a mining company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas.
Sulliden Mining Capital Inc.
On behalf of the Board
"Stan Bharti"
Interim Chief Executive Officer
For more information:
Ryan Ptolemy
Chief Financial Officer
ryanp@fmfinancialgroup.com
Cautionary statement regarding forward-looking information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation the proposed use of proceeds of the Offering and the Company's ability to obtain final approval from the TSX. Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
THE TSX HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS NEWS RELEASE.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities 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 may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
