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SERVICES OR DISSEMINATION IN OR INTO THE
UNITED STATES/
TORONTO, Sept. 18,
2024 /CNW/ - Silver Mountain Resources Inc. (TSXV:
AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver Mountain" or the
"Company") announces that is has entered into shares for
services agreements (collectively, the "Shares for Services
Agreements") with each of its directors, pursuant to which,
such directors will receive all or a portion of their director
fees for the period from July 1,
2024, to June 30, 2025 (including any accrued fees as of
July 1, 2024) in class A common
shares ("Common Shares") of the Company (the "Security
Based Compensation"), with the remaining amount, if any, to be
satisfied in cash.
The Common Shares are expected to be issued quarterly and be
subject to a four-month and one-day hold period commencing upon
the date of issuance. Under the Shares for Services Agreements, the
deemed price per Common Share to be issued will be the
volume-weighted average closing price of the Common Shares for the
last five trading days of each quarter, provided that in any event
the price will not be lower than the discount permitted under
applicable TSX Venture Exchange policies. The total value of the
Security Based Compensation that the Company intends to issue is
up to $270,000. As the directors are
Non-Arm's Length Parties to the Company (as that term is defined in
the TSXV policies), the issuance of the Security Based Compensation
is subject to the approval by the majority of the votes cast by
disinterested shareholders at a meeting of shareholders of the
Company, which was obtained at the Company's annual general and
special meeting held on June 27,
2024.
Julio Jose Arce Ortiz,
Alfredo Plenge Thorne, Timothy Loftsgard, Jose
Vizquerra, W. John DeCooman
Jr., Juan Carlos Ortiz and
Gerardo Fernandez are currently
directors of the Company. Each issuance of Common Shares to such
directors constitutes a "related party transaction" within the
meaning of Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). The Company is relying on the exemptions from the
formal valuation and minority approval requirements contained in
Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the
fair market value of the transaction does not exceed 25% of the
Company's market capitalization.
About Silver Mountain Resources Inc.
Silver Mountain is a silver explorer and mine developer planning
to restart production at the Reliquias underground mine and
undertake exploration activities at its prospective silver camps at
the Castrovirreyna Project in Huancavelica, Peru.
For additional information in respect of the Castrovirreyna
Project, please refer to the Company's technical report, titled NI
43-101 Technical Report: Preliminary Economic Assessment, Reliquias
Mine, dated June 26, 2024, effective
date May 15, 2024, available at
www.sedarplus.ca.
For further information about our drill program, including cross
sections of the main veins with drill hole locations, please refer
to our corporate presentation, available on our website at
www.agmr.ca.
Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C.
owns 100% of its concessions andholds more than 60,000 hectares in
the district of Castrovirreyna, Huancavelica, Peru.
Neither 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.
Forward Looking Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of Canadian
securities legislation (collectively, "forward-looking
statements") that relate to Silver Mountain's current
expectations and views of future events. Any statements that
express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions or future events or performance
(often, but not always, through the use of words or phrases such as
"will likely result", "are expected to", "expects", "will
continue", "is anticipated", "anticipates", "believes",
"estimated", "intends", "plans", "forecast", "projection",
"strategy", "objective" and "outlook") are not historical facts and
may be forward-looking statements and may involve estimates,
assumptions and uncertainties which could cause actual results or
outcomes to differ materially from those expressed in such
forward-looking statements. No assurance can be given that these
expectations will prove to be correct and such forward-looking
statements included in this news release should not be unduly
relied upon. These statements speak only as of the date of this
news release.
Forward-looking statements are based on a number of assumptions
and are subject to a number of risks and uncertainties, many of
which are beyond Silver Mountain's control, which could cause
actual results and events to differ materially from those that are
disclosed in or implied by such forward-looking statements. Such
risks and uncertainties include, but are not limited to, the
factors set forth under "Caution Regarding Forward-Looking
Statements" and "Risk Factors" in the Company's
annual information form dated April 26,
2024, and other disclosure documents available on the
Company's profile at www.sedarplus.ca. Silver Mountain undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by law. New factors emerge from time to
time, and it is not possible for Silver Mountain to predict all of
them or assess the impact of each such factor or the extent to
which any factor, or combination of factors, may cause results to
differ materially from those contained in any forward-looking
statement. Any forward-looking statements contained in this news
release are expressly qualified in their entirety by this
cautionary statement.
SOURCE Silver Mountain Resources Inc.