Vancouver, British Columbia–(Newsfile Corp. – July 28, 2017) – Hi Ho Silver Resources Inc. (CSE: HHS) (FSE: H9T) (“Hi Ho” or the “Company”) is pleased to announce that it is completing a non-brokered private placement of 750,000 units (each, a “Unit”) at a price of $0.10 per Unit, for gross proceeds of $75,000 (the “Private Placement”). Each Unit will consist of one common share in the capital of the Company (each a “Share”) and one common share purchase warrant (each a “Unit Warrant”). Each Unit Warrant will entitle the holder thereof to purchase one additional Share at an exercise price of $0.30 per Share for a term of one year from the closing date of the Private Placement. The net proceeds from the Private Placement will be used by the Company for general working capital purposes.
The Company also announces that it will issue an aggregate of 460,000 Shares, at a deemed price of $0.10 per Share, and 460,000 common share purchase warrants (the “Services Warrants”) to directors and officers of the Company pursuant to the terms of certain securities for services agreements. The Services Warrants will be exercisable to acquire an additional Share of the Company at an exercise price of $0.30 per Share for a period of two years after issuance.
Additionally, the Company will issue an aggregate of 3,405,350 Shares of the Company at a deemed price of $0.10 per Share in settlement of outstanding debts of the Company of $340,535 owing to a former officer of the Company.
All securities referenced herein will be subject to a hold period expiring four months and one day following issuance pursuant to applicable Canadian securities laws.
On behalf of the Board of Directors, William Jorgenson, CEO and Chairman.
For further information please contact:
Chief Executive Officer
Hi Ho Silver Resources Inc.
Forward-Looking Statement Cautions:
This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, the Company’s plans with respect to the issuances of securities described herein, and the use of proceeds therefrom. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of risk factors relating to the Company and its plans, and their potential effects.
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