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SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
VANCOUVER, Dec. 14, 2017 /CNW/ - Kootenay Silver Inc.
(TSXV: KTN) (the "Company" or "Kootenay") is pleased to
announce that further to its press release dated November 15,
2017, it has closed the initial tranche of its non-brokered private
placement (the "Private Placement") and has issued an aggregate of
19,549,480 units (each a "Unit") at a purchase price of
$0.20 per Unit for gross proceeds to
the Company of $3,909,896. Each
Unit consists of one common share ("Common Share") and one-half of
a transferable common share purchase warrant (each whole warrant a
"Warrant"). Each Warrant entitles the holder to acquire one Common
Share at an exercise price of $0.30
per share until December 13, 2020.
Cash finder's fees to arm's length parties totaling
$154,600 have been paid on this
portion of the Private Placement.
The final tranche of the Private Placement to raise a further
$109,000 by the issuance of an
additional 545,000 Units is expected to close shortly, for
aggregate total gross proceeds to Kootenay under the Private
Placement of $4,018,896. The Company
will announce the closing of the final tranche upon completion.
The net proceeds of the Private Placement will be used to fund
the exploration and development of the Company's La Cigarra project
in Chihuahua State, Mexico,
possible new acquisitions and for general working capital
purposes.
All securities issued pursuant to the Private Placement are
subject to a four month hold period under applicable securities
laws in Canada, ending on
April 14, 2018.
The securities described herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended, or any State Securities Laws and may not be offered or
sold in the United States or to
the account or benefit of a U.S. person absent an exemption from
the registration requirements of such Act. This release does not
constitute an offer for sale of securities in the United States.
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 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 two of its priority silver projects located in
prolific mining districts in Sonora, State and Chihuahua, State,
Mexico, respectively.
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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS:
The information in this news release has been prepared as at
December 13, 2017. 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. More particularly, this release contains statements
concerning the closing of the balance of the Private Placement.
Accordingly, there is a risk that the Private Placement will not be
completely sold, completed within the anticipated time or at
all.
SOURCE Kootenay Silver Inc.