Aftermath Silver announces shares for debt
Vancouver, British Columbia–(Newsfile Corp. – April 29, 2021)- Aftermath Silver Ltd. (TSXV: AAG) (OTCQB: AAGFF) (the “accompaniment” or “aftermath silver“) announces that pursuant to the terms of the previously announced share purchase agreement (the “agreement“) with Mandalay Resources Corporation (“Mandalay“) the Company has elected to make the required payment of $1,500,000 to Mandalay on April 30, 2021 by issuing common shares of the Company (the “debt settlement“).
Pursuant to the Debt Settlement, the Company will issue 2,054,794 common shares of the Company (the “shares“) at an assumed price of $0.73 per share to Mandalay. The issuance of shares to Mandalay is subject to TSX Venture Exchange approval. All shares issued under the Debt Settlement are subject to a four-month hold period.
About Aftermath Silver Ltd
Aftermath Silver Ltd is a leading Canadian silver-focused junior exploration company committed to creating shareholder value through the discovery, acquisition and development of quality silver projects in stable jurisdictions. Aftermath has developed a number of projects in various stages of development. The company’s projects have been selected based on growth and development potential.
Berenguela Silver-Copper Project. The Company has the option to earn a 100% interest through a binding agreement with SSR Mining. The project is located in the Puno Department in south-central Peru.
Challacollo silver-gold project. The Company has an option to earn 100% interest in the Challacollo Silver-Gold Project through a binding agreement with Mandalay Resources, see Company news release dated June 27, 2019. The Company announced a CIM compliant mineral resource on December 15, 2020 known for Challacollo. Details are available in the Challacollo NI 43-101 Technical Report (available on SEDAR and on the Company’s website).
Cachinal Silver-Gold Project. The Company owns an 80% interest with an option to acquire the remaining 20% from SSR Mining. Located 2.5 hours south of Antofagasta. On September 16, 2020, the Company released a CIM compliant mineral resource and accompanying NI 43-101 Technical Report (available on SEDAR and on the Company’s website).
Aftermath is well funded with around $15 million in the treasury to advance its programs in 2021.
Peter Voulgaris, MAIG, MAusIMM, a consultant to the Company, is a non-independent qualified person as defined by NI 43-101. Mr. Voulgaris has reviewed the technical content of this press release and approves of the information provided in the form and context in which it appears.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and director
The TSX Venture Exchange accepts no responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
Certain statements and information contained in this press release constitute “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statement or information expressing or discussing any prediction, expectation, belief, plan, projection, goal, assumption or future event or performance, including but not limited to the purchase and trading of the Company’s common stock in the United States and planned work programs on the Company’s mineral projects (often, but not always, using words or phrases such as “expects”, “expects”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes,” “intends,” “strategies,” “targets,” “goals,” “forecasts,” “objectives,” “budgets,” “timelines,” “potential,” or variations thereof, or a statement that certain actions, Events or results “may,” “could,” “would,” “might” or “will” occur, occur, or be achieved, or the negative of such terms and similar expressions) are not statements of historical fact and cannot Forward-looking statements or information.
These statements involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, changes in commodity prices; changes in anticipated mineral production performance; unexpected increases in the cost of capital; exploitation and exploration results; continued availability of capital and funding; and general economic, market or business conditions. In addition, forward-looking statements are subject to various risks, including but not limited to operational risks; political risk; currency risk; risk of inflation in the cost of capital; that the data is incomplete or inaccurate. The reader is referred to the Company’s filings with Canadian securities regulators, which can be accessed through Aftermath Silver’s profile at www.sedar.com, for disclosure of these and other risk factors.
There can be no certainty that forward-looking statements will materialize, and investors should not place undue reliance on forward-looking statements. The Company undertakes no obligation to provide updates to the forward-looking statements contained in this press release, except as required by law.