Silver Valley completes $2 million private placement financing

Silver Valley Metals Corp. (TSXV: SILV) (OTCQB: SVMFF) closed a non-brokered private placement financing for $2 million in gross proceeds, the company announced.

The Vancouver-based exploration company issued 16,666,667 units at $0.12 per unit. Each unit includes one common share and one warrant, which allows holders to purchase an additional common share at $0.25 within 24 months of issuance.

The company stated it will use the net proceeds to pursue acquisition of a mineral project while maintaining its Mexi-Can Lithium-Potash Project in Mexico. Funds will also support general working capital and corporate purposes.

Three company insiders participated in the financing for $498,000. This constitutes a related party transaction under Multilateral Instrument 61-101, though the company is exempt from formal valuation and minority shareholder approval requirements as the insider participation represents less than 25% of the company's market capitalization.

The financing received conditional approval from the TSX Venture Exchange and remains subject to final acceptance. All securities issued carry a statutory hold period of four months.

Silver Valley Metals focuses on acquiring and advancing mineral assets. The company owns the Mexi-Can Lithium-Potash Project and maintains an equity interest in Silver Dollar Resources Inc., which holds the Ranger-Page silver-zinc-lead project in Idaho.

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