VANCOUVER, BC, April 6,
2023 /CNW/ - Kootenay Silver Inc. (TSXV: KTN)
(the "Company" or "Kootenay") is pleased to announce it has
amended the terms for the Columba option agreement to allow for 50%
of the April 2023 payment of
US$430,000 plus 16% IVA to be paid in
common shares of the Company. The payment is due on April 12, 2023, and will be paid as follows
US$215,000 cash and US$215,000 (plus 16% IVA) in Kootenay common
shares calculated at the volume weighted average price of Kootenay
for the previous twenty trading days with that price converted to
US dollar value using the Bank of Canada's exchange rate over the twenty-day
period. The final payment of US$215,000 which will be paid in cash, is due on
May 12, 2023, after which the Company
will own 100% of the Columba project.
Additionally, the Company has reached an agreement with an arm's
length party dated March 31, 2023 to resolve conflicting
property interests, pursuant to which Kootenay will issue 2,018,710
in common shares in consideration of US$135,000 plus 16% IVA, based on the 20-day
volume weighted average price prior to the agreement of
$0.1064 per common share, converted
by the US dollar to Canadian dollar average exchange rate for the
20 day period prior to March 31, 2023
of $1.3715.
The common shares to be issued under these agreements will have
a hold period of four months and one day. The issuance of common
shares is subject to TSX Venture Stock Exchange approval.
The securities described herein 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 within
the United States except in
compliance with the registration requirements of the U.S.
Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release does not
constitute an offer to sell or a solicitation to buy any securities
in any jurisdiction.
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.
Qualified Persons
The Kootenay technical information in this news release has been
prepared in accordance with the Canadian regulatory requirements
set out in National Instrument 43-101 (Standards of Disclosure for
Mineral Projects) and reviewed and approved on behalf of Kootenay
by James McDonald, P.Geo, President,
CEO & Director for Kootenay, a Qualified Person.
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 junior 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 its priority silver projects located in prolific
mining districts in Sonora, State
and Chihuahua, State, Mexico,
respectively.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS:
The information in this news release has been prepared as at
April 6, 2023. Certain statements in
this news release, referred to herein as "forward-looking
statements", constitute "forward-looking statements" under the
provisions of Canadian provincial securities laws. These statements
can be identified by the use of words such as "expected", "may",
"will" or similar terms.
Forward-looking statements are necessarily based upon a
number of factors and assumptions that, while considered reasonable
by Kootenay as of the date of such statements, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. Many factors, known and unknown,
could cause actual results to be materially different from those
expressed or implied by such forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date made. Except as
otherwise required by law, Kootenay expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statements to reflect any change in
Kootenay's expectations or any change in events, conditions or
circumstances on which any such statement is based.
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SOURCE Kootenay Silver Inc.