Silver Hammer Mining Corp. announced a best efforts private placement of up to 7,296,500 units at a price of CAD 0.25 per unit for gross proceeds of up to CAD 1,824,125 on May 1, 2023. Each unit will consist of one common share of the company and one-half of one common share purchase warrant.

Each warrant will be exercisable at CAD 0.33 for a period of 24 months following the closing date. The transaction is subject to customary closing conditions, including the approval of the securities regulatory authorities and the Canadian Securities Exchange. The company has granted the agents an option to arrange for the sale of up to an additional 15% of the units at the issue price, exercisable in whole or in part at any time up to 48 hours prior to the closing date, subject to limitations prescribed by the LIFE exemption.

At the closing of the transaction, the company shall pay to the agents a cash commission equal to 8% of the aggregate gross proceeds and will issue to the agents a number of non-transferable warrants of the company equal to 8% of the number of units sold under the transaction, each broker warrant exercisable for a period of 24 months following the closing of the transaction to acquire a common share at an exercise price equal to the issue price, subject to adjustment in certain events. The transaction is expected to close on or about May 18, 2023, or such other date as the company and the agents may agree.