TORONTO, ONTARIO--(Marketwired - Sept. 18, 2013) - Canadian Silver Hunter Inc. ("CSH") (TSX VENTURE:AGH) is pleased to announce that it intends to complete a non-brokered private placement financing of 400,000 common shares issued on a flow-through basis (the "Common Shares") at a price of $0.10 per Common Share for gross proceeds of $40,000 (the "Offering").
The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period. The Offering is also subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX-V and applicable securities regulatory authorities. CSH will use the net proceeds from the Offering to fund continued exploration on its South Lorrain Project.
It is anticipated that certain "related parties" of CSH, namely certain officers and directors of CSH, may participate in the Offering, which would constitute a "related party transaction" as such terms are defined by Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). CSH would rely on the exemptions from the formal valuation and minority approval requirements under MI 61-101 based on the fair market value of the Common Shares, and the fair market value of the consideration therefor, in respect of the related party participation in the Offering, representing less than 25% of CSH's market capitalization.
About Canadian Silver Hunter
Canadian Silver Hunter Inc. is a Canadian exploration company focused on the exploration of silver-cobalt deposits on its flagship South Lorrain Project (formerly the Keeley Frontier Project). The South Lorrain Project is located within the historic South Lorrain Silver Camp, which along with the historic Cobalt and Gowganda silver camps is part of a world class silver district in the Abitibi Greenstone Belt between Temagami and Kirkland Lake, in northeastern Ontario.
The South Lorrain Project is made up of four properties, centered by two prolific past producing silver-cobalt mines, the Keeley and the Frontier. Combined production from the two mines totaled 19.2 million ounces of silver, and 3.3 million pounds of cobalt, with an average grade of 58 ounces of silver per tonne.
The company will continue to focus its exploration efforts on the existing targets located on the Keeley-Frontier property portion of the project. For further details about the Company's project and plans please visit the Canadian Silver Hunter Inc. website at www.canadiansilverhunter.ca.
Neither the TSX-V 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.
This release includes certain "forward-looking statements". These statements are based on information currently available to CSH and CSH provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe CSH's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration or project development related to the CSH's mineral properties, outcomes of proposed or contemplated acquisitions or other transactions, the CSH's financial condition and prospects, and the completion of the Offering could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; operational difficulties encountered in connection with the activities of CSH; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of CSH's forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on CSH's forward-looking statements. CSH does not undertake to update any forward-looking statement that may be made from time to time by CSH or on its behalf, except in accordance with applicable securities laws.