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Vancouver, British Columbia, August 10, 2020: Silver Sands Resources Corp. (the “Company” or “Silver Sands”) (CSE: SAND) is pleased to announce, that further to its news release dated July 22, 2020, it has increased its Private Placement from 4,000,000 Units at $0.25 per Unit to up to 10,000,000 Units @ $0.25 per Unit (the “Units”) for gross proceeds of up to $2,500,000. Each Unit will consist of one common share at $0.25 per share (a “Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one common share at $0.30 per common share for a period of 24 months following the date of issuance.
The Warrants are subject to an acceleration right that allows the Company to give notice of an earlier expiry date if the Company’s share price on the CSE (or such other stock exchange the Shares may be trading on) is equal to or greater than C$0.50 for a period of 10 consecutive trading days.
The Company may pay a finder’s fee on all or a portion of the Private Placement in accordance with the policies of the CSE. Proceeds of the private placement will be used for work on the Company’s mineral properties and general working capital. The Private Placement is subject to the acceptance of the CSE.
About Silver Sands Resources Corp.
Silver Sands is a well-financed, Canadian-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in mining-friendly jurisdictions. Its objective is to locate and develop economic precious and base metal properties of merit. The company has signed a definitive agreement with Mirasol Resources to acquire a 100-per-cent interest in the 73,411-hectare Virginia silver project, its key asset. There is an indicated mineral resource of 11.9 million ounces of silver at 310 grams per tonne silver and an inferred resource of 3.1 million ounces of silver at 207 g/t Ag in 2016.
The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo. (BC) a Qualified Person under NI43-101 and a Director of Silver Sands.
On Behalf of the Board of Directors
Chief Executive Officer, President & Director
For further information, please contact:
Chief Executive Officer, President & Director (604) 786-7774
SILVER SANDS RESOURCES CORP.
Suite 830 – 1100 Melville Street
Vancouver, British Columbia V6E 4A6
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
This news release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.