Vancouver, November 12, 2021 - Silverton Metals Corp. (TSXV: SVTN) (OTCQB: SVTNF) ("Silverton" or the "Company") announces that it has terminated its engagement of Future Money Trends LLC ("FMT"), effective immediately, as the Company was unable to receive approval of their engagement from the TSX Venture Exchange.
As announced on October 15, 2021, the Company entered into an agreement with FMT dated October 8, 2021 to raise awareness of the Company's shares among investors. The engagement was for an aggregate cost of CDN $600,000 (which payment was made March 9, 2021) for a term of twelve months. An affiliate of FMT, Wallace Hill Partners Ltd. ("Wallace Hill"), purchased 750,00 units at $0.80 per unit for proceeds of CDN $600,000 under the Company's private placement financing completed in March 2021. As the investor relations agreement was terminated prior to any services commencing, the Company has demanded FMT return the entire CDN $600,000 of unearned fees.
On behalf of the Board
President, CEO & Director
Silverton Metals Corp.
About Silverton Metals Corp
Silverton Metals Corp. is a Canadian company focused on the exploration and development of quality silver projects. The company holds a 100% interest in three significant silver assets in Mexico - Pluton, in Durango, Peñasco Quemado in Sonora and La Frazada in Nayarit. Silverton management and board have extensive experience identifying and evaluating acquisition targets and exploration prospects. The company intends to build a strong portfolio of silver and gold-silver projects to drive future growth by exploration success and from later stage projects with production potential. To achieve this growth the Silverton business plan calls for a dynamic combination of development of its existing properties, acquisitions, and partnerships.
For further information please contact:
Silverton Metals Corp.
W. Barry Girling, VP Corporate Development and Director
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Silverton cautions that all forward looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Silverton's control. Such factors include, among other things: risks and uncertainties relating to Silverton's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Silverton undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103350