Summa Silver Corp. announces a private brokerage of $6,000,000

NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISTRIBUTED TO US NEWS WIRE SERVICES

VANCOUVER, British Columbia, Jan. 21, 2022 (GLOBE NEWSWIRE) — Summa Silver Corp. (“Summa” or the “Company”) (TSXV: SSVR) (OTCQB: SSVRF) (Frankfurt: 48X) is pleased to announce a Traded Private Placement of Units of the Company (the “Units”) at a price of $0.90 per Unit for gross proceeds up to $6,000,000 (the “Offer”). The Offering is being conducted by Research Capital Corporation and Eventus Capital Corp., as co-managers and joint bookrunners (the “Agents”).

Each Unit will consist of one common share of the Company (a “Common Share”) and one-half common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant will be exercisable to acquire one common share (a “Warrant Share”) at a price of $1.20 per Warrant Share for a period of 36 months from the closing of the Offering.

The Company has granted the Agents an option, exercisable up to 48 hours prior to the closing date of the Offering, to sell up to an additional 15% of the Offered Units at a price of $0.90 per Unit.

Galen McNamara, CEO of the company, said, “We are grateful for the strong support from current shareholders and excited to welcome new investors to the company. We look forward to continuing to drill known high-grade silver and gold zones while advancing two of the top US silver projects to mineral resources this year.

The net proceeds of the Offering are expected to be used for exploration, business development and general working capital purposes. The closing of the offering is expected to occur on or about February 10, 2022 and is subject to certain customary conditions, including, but not limited to, receipt of all necessary regulatory approvals and acceptance by the Venture Exchange. TSX.

The closing of the Offering is subject to regulatory approvals and all securities to be issued pursuant to the Offering will be subject to a four month hold period under applicable Canadian securities laws. The Company has agreed to pay the Agents a cash commission equal to 6% of the gross proceeds of the Offering. In addition, the Company has agreed to issue to the Agents Company compensation warrants exercisable for a period of 36 months, to acquire in aggregate the number of ordinary shares of the Company which is equal to 6% of the number of Offered Shares sold under the Offering at an exercise price of $0.90.

The securities to be issued pursuant to the Offering will be offered by way of private placement in each of the provinces of Canada and in any other jurisdiction determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under the Securities Acts. securities.

The securities offered have not been and will not be registered in the United States Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from registration requirements United States and applicable United States securities laws.

About Summa Silver Corp.

Summa Silver Corp is a Canada-based junior mining exploration company. The Company has options to acquire a 100% interest in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is home to the former high-grade Belmont mine, one of the most prolific silver producers in the United States between 1903 and 1929. The mine has been idle since commercial production ceased in 1929 due to of the sharp decline in metal prices and little or no modern exploration work was carried out before the Company acquired an interest in the property.

Follow Summa Silver on Twitter: @summasilver
LinkedIn: https://www.linkedin.com/company/summa-silver-corp/

ON BEHALF OF THE BOARD OF DIRECTORS
“Galen McNamara”
Galen McNamara, President and CEO
[email protected]
www.summasilver.com

Contact with Investor Relations:
Kin Communications

604-684-6730
[email protected]

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.

Caution Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” and certain “forward-looking information” as defined by applicable Canadian and United States securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking words such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, ” anticipate”, “believe”. ”, “continue”, “plans” or similar terminology. The forward-looking information contained in this document is provided for the purpose of helping readers understand management’s current expectations and plans for the future. These forward-looking statements or information relate to, among other things, the expected closing date of the Offer and the expected use of the proceeds of the Offer.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual actions, events or results to differ materially from those expressed or implied by such forward-looking information, including, but not limited to: the requirement for regulatory approvals; heightened uncertainty in global financial markets due to the current COVID-19 pandemic; non-quantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.

Forward-looking information is based on management’s reasonable assumptions, estimates, expectations, analyzes and opinions of the parties, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management considers relevant and reasonable in the circumstances, but which may prove to be incorrect.

The Company undertakes no obligation to update any forward-looking information except as required by applicable law. This forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are cautioned not to place undue reliance on any forward-looking statements or information.

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