TORONTO, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that it is proceeding with a non-brokered private placement (the “Private Placement”) for proceeds of up to $3 million. The Company also announces the staking of additional claims in the Potosi Department, Bolivia, immediately south and west of the recently optioned Felicidad and Gonalbert properties (see Cartier Silver’s October 26, 2022 press release), respectively.
Private Placement
The Private Placement will consist of up to 7,500,000 units of Cartier Silver at a price of $0.40 per unit (“Units”) for gross proceeds of up to $3 million. Each Unit will consist of one common share in the capital of Cartier Silver (a “Common Share”) and one half of one Common Share purchase warrant (each whole, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.70 per share for a term of 30 months following the closing of the Private Placement.
The net proceeds of the Private Placement will be used to finance exploration at the recently optioned Chorrillos Project and staked claims in the Potosi Department, Bolivia and for working capital purposes. The Private Placement is subject to all required regulatory approval. All securities issued pursuant to the Private Placement will be subject to the applicable statutory four-month hold period.
Staking of Additional Claims in Potosi Department, Bolivia
Cartier Silver has acquired, by staking, an additional 29.25 km2 (CSB-13 and CSB-1) of claims immediately south and west of the Felicidad and Gonalbert properties (see Cartier press release of October 26, 2022), respectively. An additional claim (CSB-2) has also been acquired in the same belt about 5km south of Tupiza, Bolivia. Cartier Silver’s total holdings, including areas under option, in the Chorrillos Project now total 69.75 km2 as shown in Figure 1. The Chorrillos Project area is predominantly underlain by Ordovician basement sediments that have been intruded by a Tertiary-age volcanic complex of dacites, rhyodacites, tuffs and epiclastic sediments. Alteration and polymetallic mineralization are widespread in the region characteristic of intermediate to high sulphidation epithermal systems.
Qualified Person
Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Silver, and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed and approved the geological and technical content of this press release.
About Cartier Silver Corporation
Cartier Silver is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, a gold property in the province of Newfoundland and Labrador and a silver property in Bolivia. The Company's iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland. In addition, the Company recently announced that it is proceeding with the acquisition of a silver property, the Chorrillos Project, located in southern Bolivia.
Please visit Cartier Silver’s website at www.cartiersilvercorp.com
For further information please contact:
| Thomas G. Larsen | Jorge Estepa |
| Chief Executive Officer | Vice-President |
| (800) 360-8006 | (800) 360-8006 |
| (416) 360-8006 | (416) 360-8006 |
The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.
Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.
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