Toronto, Ontario--(Newsfile Corp. - September 21, 2023) - Canadian Silver Hunter Inc. (TSXV: AGH.H) (the "Company") is pleased to announce that it has fulfilled the terms of its option agreement (the "Option Agreement") dated October 23, 2020, as amended December 31, 2022 and has earned a 100% ownership interest in the Lost Dog property in Denton Township, Northern Ontario. The Company made a cash payment of $40,000 and issued 500,000 common shares in the capital of the Company ("Common Shares") to Timothy Towers (the "Optionor"), a director of the Company to satisfy the remaining conditions of the Option Agreement.
The Optionor shall retain a 2% net smelter royalty ("NSR").
The Common Shares issued will be subject to a hold period of four months plus a day from the date of closing, pursuant to applicable securities laws.
The Optionor is a director of the Company and accordingly the share issuance constituted a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The related party transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the fact that the fair market value of the Common Shares to be issued pursuant to the Option Agreement does not exceed 25% of the Company's market capitalization.
The Company can now proceed with the completion of the sale of the Lost Dog property. The Company entered into a purchase and sale agreement (the "Agreement") with 15083974 Canada Inc. ("CAN") dated August 15th, 2023. The Agreement was announced on August 22, 2023 and was subject to the Company exercising its option to acquire the Property pursuant to the Option Agreement.
About Canadian Silver Hunter Inc.
Canadian Silver Hunter Inc. is a Canadian mineral exploration company focused on gold, silver, cobalt, nickel, and copper exploration in Ontario and Quebec. For further details about the Company's projects please visit the company website at .
For more information please contact:
Jeffrey Hunter
President & CEO
Tel: (416) 707-4230
Email: jhunter@cshi.ca
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and commodity prices. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
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