OPTIMUM VENTURES CLOSING OF OVERSUBSCRIBED PRIVATE PLACEMENT OF FLOW-THROUGH SHARES FOR GROSS PROCEEDS OF $2,320,000
Vancouver, British Columbia – December 14, 2021 – Optimum Ventures Ltd. (“Optimum Ventures” or the “Company”) (TSXV:OPV), is pleased to announce the oversubscribed closing of its previously announced non-brokered private placement offering (the “Offering”) of 4,640,000 flow- through common shares (each a “FT Share“) at a price of $0.50 per FT Share for gross proceeds of $2,320,000. Due to high investor demand the Company determined to increase the size of the offering from 4,000,000 FT Shares to 4,640,000 FT Shares.
Each FT Share qualified as a “flow-through share” as defined in the Income Tax Act (Canada) (the “Tax Act“). The Company will use the proceeds of the Offering to incur “Canadian Exploration Expenses” (“CEE“) that are “flow-through mining expenditures” (as such terms are defined in the Tax Act) on the Harry and Outland Silver Bar properties which are located in the Skeena Mining Division approximately 30 km northwest of Stewart, B.C. The Company will renounce the CEE to the subscribers in the Offering with an effective date of no later than December 31, 2021, and as required under the Tax Act.
Company CEO Tyler Ross stated, “We are pleased to have received such strong support from our investors. This financing will fast track a more intensive work program on the Harry Property and test our existing targets, helping unlock the significant potential on the project.”
All securities issued under the Offering will be subject to a statutory hold period expiring four months and one day from the closing date of the Offering. No finder’s fees were paid in connection with the Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Optimum Ventures Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the “Golden Triangle” area of northern British Columbia into Alaska. For more information visit www.optimumventures.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Optimum Ventures Ltd.
Tel: (604) 428-6128
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.
Forward Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things, the use of the proceeds raised under the Offering and the completion of the Offering. These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks inherent in the mining industry, regulatory and environmental risks, results of exploration activities and development of mineral properties, risks relating to the estimation of mineral resources, stock market volatility and capital market fluctuations, and general market and industry conditions. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will use the proceeds of the Offering as currently anticipated. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
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