October 04, 2024 7:31 PM EDT | Source: Summa Silver Corp.
Vancouver, British Columbia–(Newsfile Corp. – October 4, 2024) – Summa Silver Corp. (TSXV: SSVR) (the “Company” or “Summa”) is pleased to announce the establishment of an “at-the-market” equity distribution program (the “ATM Program”). This program enables Summa to issue and sell common shares in the capital of the Company (Common Shares) with an aggregate sales amount of up to $5,000,000 to the public through Research Capital Corporation (the Agent), acting as agent. Sales under the program will be conducted at the prevailing market price at the time of sale, directly through the TSX Venture Exchange or any other recognized marketplace where the Common Shares are listed, quoted, or traded in Canada. The volume and timing of sales under the ATM Program, if any, will be at the discretion of the Company and are subject to customary conditions precedent. The net proceeds from the ATM Program, if raised, will be used for exploration on its projects, as well as for working capital and general corporate purposes.
Distribution of Common Shares under the ATM Program will be made in accordance with the terms of an equity distribution agreement (the Equity Distribution Agreement) dated October 4, 2024, entered into between Summa and the Agent.
The ATM Program will be effective until the earlier of: (i) the issuance and sale of all Common Shares available under the program; and (ii) October 5, 2026, unless terminated prior to such date by Summa or the Agent. Prices of Common Shares sold under the ATM Program may vary among purchasers during the distribution period as they will be sold at prevailing market prices.
The offering under the ATM Program is qualified by a prospectus supplement dated October 4, 2024 (the Prospectus Supplement) to Summa’s final short form base shelf prospectus filed in all provinces and territories of Canada on September 5, 2024 (the Base Shelf Prospectus). Copies of the Equity Distribution Agreement, the Prospectus Supplement, and the Base Shelf Prospectus are available upon request from the Corporate Secretary of Summa Silver Corp. at Suite 918, 1030 West Georgia Street, Vancouver, British Columbia, V6E 2Y3 (Telephone (604)-288-8005) and are accessible on the Company’s profile on SEDAR+ at www.sedarplus.ca.
Galen McNamara, CEO, commented: “The ATM Program provides us with financial optionality and flexibility in an environment of rising silver prices. We look forward to continuing to advance our two premier American silver projects.”
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in the United States, or in any other jurisdiction in which such offer, solicitation, or sale would be unlawful. The securities described in this news release have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any U.S. state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, persons in the United States or U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act and all applicable U.S. state securities laws.
About Summa Silver Corp.
Summa Silver Corp. is a junior mineral exploration Company that owns a 100% interest in the Hughes project located in central Nevada and the Mogollon project located in southwestern New Mexico. The Company’s projects, including the high-grade past-producing Belmont Mine and the Mogollon project, have not seen modern exploration prior to the Company’s involvement.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements regarding Forward-Looking Information:
This news release contains forward-looking information within the meaning of applicable Canadian securities legislation. The Company’s forward-looking statements are subject to various assumptions and risks that could cause actual results to differ from anticipated outcomes.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
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