VANCOUVER, BC, March 17,
2023 /CNW/ - MANTARO PRECIOUS METALS
CORP. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the
"Company") is pleased to announce it has closed its previously
announced non-brokered private placement (the "Offering"). Under
the Offering, a total of 7,307,400 units (each a "Unit") at a price
of $0.05 per Unit for gross proceeds
of up to $365,370.
Each Unit consists of one common share of the Company (each a
"Share") and one common share purchase warrant (a "Warrant"), with
each Warrant entitling the holder to purchase one additional Share
for a period of one year from the date of issuance at an exercise
price of $0.10 per Share. The Company
will have the right to accelerate the expiry date of the Warrants
if, at any time, the average closing price of the Shares is equal
to or greater than $0.15 for 20
consecutive trading days on the TSX Venture Exchange.
The securities issued under the Offering will be subject to
restrictions on resale for a period of four months from the date of
issue. The Company paid finders a fee in cash of $3,000 and issued a total of 70,000 share
purchase warrants exercisable at $0.05 per share for a period of two years.
Insiders subscribed for a total of 500,000 Units for gross
proceeds of $25,000. The issuance of
500,000 Units to insiders is considered a related party transaction
subject to Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). The Company intends to rely on exemptions from the formal
valuation and minority shareholder approval requirements provided
under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the
participation in the Offering by the insiders will not exceed 25%
of the fair market value of the Company's market
capitalization.
The proceeds of the Offering will be used for exploration at
Santas Gloria silver property and general corporate purposes.
About Mantaro Precious Metals
Corp.
Mantaro Precious Metals Corp. is a British Columbia company that holds a
diversified portfolio of gold and silver focused mineral properties
in Bolivia and Peru. The Company holds an option to acquire
up to an 80% interest in the advanced Golden Hill orogenic gold property ("Golden
Hill"), located in the underexplored Precambrian Shield,
Bolivia.
In Peru, the Company has a 100%
interest in the high-grade Santas Gloria silver property as well as
a 100% interest in each of the La Purisima, Cerro Luque and Huaranay properties.
Forward-Looking
Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. 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 Company's
limited operating history and the need to comply with environmental
and governmental regulations. 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.
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as required by
law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Mantaro Precious Metals Corp.
