Vancouver, British Columbia – October 20, 2017 – Silver One Resources Inc. (TSXV:SVE; OTC Pink: SLVRF; FSE:BRK1 – “Silver One”) is pleased to announce that it has closed its oversubscribed non-brokered private placement by issuing 10,750,000 units (“Units”) at a price of C$0.40 per Unit for gross proceeds of C$4,300,000 (the “Financing”).
Greg Crowe, President and CEO of Silver One commented: “We are very pleased with the success of the Financing and the positive support received from our existing and new shareholders. With the closing of the Financing, Silver One is now in a strong position to advance its flagship project, the past-producing Candelaria silver mine in Nevada. Surface exploration is currently underway and we intend to begin drilling the old leach pads in Q4/2017, with metallurgical testing to commence by year end. Additionally, numerous old workings that occur along strike from the open-pits will be examined to potentially add additional silver resources.”
In addition to being used to advance the Candelaria project, net proceeds from the Financing are also expected to be used for surface exploration currently underway at the Peñasco Quemado project in Mexico, and general corporate purposes.