Silver Viper Announces Acceleration of Warrants
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, September 17, 2020 (GLOBE NEWSWIRE) – Silver Viper Minerals Corp. (“Silver Viper” or the “Company”) (TSX-V: VIPR) announced today that it has elected to exercise its right (the “Acceleration Right”) to accelerate the expiry date (the “New Expiry Date”) of the common share purchase warrants of the Company (the “Warrants”) issued on September 24, 2019, pursuant to the terms of the certificates representing the Warrants (the “Warrant Certificates”).
The New Expiry Date for the Warrants is October 8, 2020. The Company has delivered a notice (the “Acceleration Notice”) of its exercise of the Acceleration Right to the holders of the Warrants.
Pursuant to the terms of the Warrant Certificates, the Company had the right to exercise the Acceleration Right as the common shares of the Company have traded at a VWAP of at least $0.70 on the TSX Venture Exchange for a period of ten consecutive trading days from September 1, 2020 to September 15, 2020.
As of the close of business on September 15, 2020, a total of 7,760,000 Warrants have yet to be exercised. If all the Warrants are exercised prior to the New Expiry Date, the Company would expect to receive aggregate gross proceeds of approximately $2.8M as a result of such exercise.
Holders may exercise their Warrants at any time prior to 5:00 p.m. (Vancouver time) on October 8, 2020 in accordance with the instructions provided in the Acceleration Notice and the terms of the Warrant Certificates.
Silver Viper’s President and CEO Steve Cope states, “I am very proud of the progress our team has made over the last year. The financing last September was done at $0.25 and we recently hit an all-time high of $0.85. The majority of the La Virginia project has never seen any modern exploration and we will continue to not only expand on our discoveries at El Rubi but also continue to test the other drill ready anomalies that we have identified through our surface mapping and sampling programs. With a number of catalysts expected before the end of the year, we fully expect to continue to add value to the Company. I would like to thank all of our shareholders for their continued support.”
About the Company
Silver Viper Minerals Inc is a Canadian-based junior mineral exploration company focused on precious metals exploration in the northwestern Mexican state of Sonora. The Company currently operates the La Virginia Gold-Silver Project. Silver Viper has 100% ownership of the La Virginia concessions acquired from PAAS and an option to acquire a 100% interest in the Rubi-Esperanza group of claims internal to those concessions. The property is an early stage exploration property, targeting a series of laterally extensive intrusive dykes and breccia zones, hosting low-sulphidation epithermal gold-silver mineralization. Silver Viper is under management provided by Belcarra Group Management Ltd. which is comprised of highly qualified mining professionals.
On behalf of the board of directors,
President and CEO
Forward Looking Information
Information set forth in this press release contains forward-looking statements. 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 exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in the Company’s financial statements available on www.sedar.com. 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.
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