Vancouver, British Columbia--(Newsfile Corp. - August 31, 2018) - Hi Ho Silver Resources Inc. (CSE: HHS) (OTC Pink: HHSRF) (FSE: H9T1) ("Hi Ho" or the "Company") is pleased to announce that, further to its news release dated June 15, 2018, it has closed a tranche of its non-brokered private placement for gross proceeds of $22,000 through the sale of 220,000 units (each, a "Financing Unit") at a price of $0.10 per Financing Unit. Each Financing Unit consists of one common share and one transferable common share purchase warrant exercisable for an additional share at an exercise price of $0.30 for one year following closing. The proceeds of the private placement will be used for general working capital. The securities issued in the private placement are subject to a four month hold period, expiring January 1, 2019.
The Company intends to continue to raise up to an additional $1,500,000 under the private placement of Financing Units.
The Company also announced that it has issued 760,000 units (each, a "Consulting Unit") at a price of $0.10 per Consulting Unit to certain directors, officers and service providers of the Company as payment for services rendered pursuant to their consulting agreements. Each Consulting Unit is comprised of one common share and one transferable common share purchase warrant to purchase one additional share at an exercise price of $0.30 per share for a period of two years from the date of issuance. The securities issued to the directors, officers and service providers are subject to a four month hold period, expiring January 1, 2019.
About the Company
Hi Ho Silver Resources Inc. is a Vancouver based mineral exploration company dedicated to the exploration and development of precious and base metal mineral deposits and other mineral opportunities in North America and elsewhere.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this news release.
This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate', "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.