Vancouver, British Columbia, April 3, 2024 – MANTARO PRECIOUS METALS CORP. (TSXV: MNTR; OTCQB: MSLVF; FSE: 9TZ) (the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement financing (see news release dated February 27, 2024) by issuing 26,000,000 common shares (each, a “Share”) at a price of $0.05 per Share for gross proceeds of $1,300,000 (the “Offering”). The Shares issued under the Offering will be subject to restrictions on resale for a period of four months and a day pursuant to applicable securities law. The Company paid finders’ fees in cash totaling $31,150, and issued a total of 623,000 non-transferrable warrants (the “Finder’s Warrants”) to eligible finders, with each Finder’s Warrant exercisable at $0.05 per share and expiring two years from closing. Insiders subscribed for a total of 885,722 Shares. The issuance of 885,722 Shares to insiders is considered a related party transaction subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation in the Offering by the insiders will not exceed 25% of the fair market value of the Company’s market capitalization. The Company intends to use the net proceeds of the Offering for the initial drill program on the Santas Gloria silver property, to repay corporate indebtedness and administrative and maintenance costs on the Santas Gloria Silver Property. The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.
About Mantaro Precious Metals Corp.
Mantaro Precious Metals Corp. is a British Columbia company that holds a 100% interest in the high-grade Santas Gloria silver property, located in Peru.
For more information please contact:
Jacob Garland
Phone: (604) 806-0626
E-mail: info@mantaropreciousmetals.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to Company’s limited operating history, ability to obtain sufficient financing to carry out its exploration programs and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.