Silver Mountain Resources Inc. announced a non-brokered private placement of up to 60,000,000 units at a price of $0.05 per unit for gross proceeds of up to $3,000,000 on October 12, 2023. Each unit will be comprised of one class A common share and one-half of one common share purchase warrant. Each warrant will be exercisable into one common share at a price of $0.09 per warrant share for a period of 36 months.

The offering is expected to close in one or more tranches, with the first tranche expected to close in early November, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The common shares issued in connection with the offering are expected to be subject to a four-month statutory hold period, in accordance with applicable securities legislation.