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Sep 14, 2022, 16:30 ET
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TORONTO, Sept. 14, 2022 /CNW/ – SILVER MOUNTAIN RESOURCES INC. ( TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) (“Silver Mountain” or the “Company“) announces that it has been requested by OTC Markets Group Inc. (“OTC Markets“) to issue this statement about promotional activity concerning its Class A common shares traded on the OTCQB market (operated by OTC Markets).
On Monday, September 12, 2022, OTC Markets informed the Company that it became aware of certain promotional activities concerning the Company and the Class A common shares traded on the OTCQB Marketplace, including the distribution of four promotional newsletter emails published by Wealth Research Group, Crush The Street, Portfolio Wealth Global, and Future Trends Digest discussing the Company, some of its projects, its investors, and the global silver market. OTC Markets provided examples of the promotional material for reference.
All four are third-party marketing and advertising firms. On September 12, 2022, the Company entered into an advertising agreement, with Gold Standard Media, LLC (“Gold Standard“), whereby Gold Standard, along with its affiliates, Future Money Trends LLC, Wealth Research Group LLC, and Portfolio Wealth Global LLC (collectively, the “Service Providers“), would provide certain promotional and advertising services to the Company. The Service Providers are permitted to further hire third parties. The Agreement is valid until February 2, 2024.
After an inquiry of management, the Company was aware of the distribution of each newsletter as of September 12, 2022, and paid for their distribution. However, none of the Company and its officers were involved, directly, with the creation of the materials. The Company provided the service providers publicly available source information for the newsletters and did not have editorial control over the materials, including reviewing the materials for factual accuracy prior to their dissemination. Each of the newsletters presented factual statements regarding the silver market, the Company’s investors, the Company’s current market cap, and indicated the Company’s attractiveness given its big-name investors.
The Company does not believe the statements in the newsletters were false or misleading. The Company has been advised by OTC Markets that OTC Markets takes the position that the newsletters tout the Company and encourages investors to purchase its shares. The Company wishes to caution readers that these statements are speculative in nature. For more complete and specific information regarding the Company, its prospects, and the risks associated with those prospects, readers should consult the Company’s public filings on SEDAR, its website, and other reliable sources. The Company encourages investors to contact their investment advisors prior to making any investment.
Further, the Company understands this promotional activity may have coincided with increased trading activity in the Class A common shares beginning on September 12, 2022. The Company does not believe the promotional activities were a factor in any increase in trading volume in the Class A common shares. Rather, the Company believes the increase in trading volume was due to a currently heightened interest in development-stage mineral projects, given the current inflationary environment, particularly silver and gold and the high-quality drilling and exploration results that have been publicly announced in the past few weeks.
After an inquiry of management, three officers and directors sold securities of the Company within the past 90 days. Jose Vizquerra (Chairman and Director), Jean Pierre Fort (Chief Financial Officer), and Torsten Danne (Director of Exploration) have sold or purchased the Company’s securities within the past 90 days. To the extent of management’s knowledge, none of the controlling shareholders have sold or purchased the Company’s securities within the past 90 days. Additionally, management is not aware of any third-party service providers who have sold or purchased the Company’s securities within the past 90 days.
In the past 12 months, the Company has only entered into an agreement with Gold Standard and its affiliates (on September 12, 2022), as previously described above, to provide investor relations services, public relations services, marketing, and other related services including the promotion of the Company or its securities.
OTC Markets has further requested that the Company state whether, at any point, it has issued any shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance. As disclosed in its public filings on SEDAR, the Company has not issued shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance in accordance with the policies of the TSX Venture Exchange.
Silver Mountain Resources Inc. is a silver explorer and mine developer planning to re-commence production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.
Silver Mountain’s subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 30,000 Ha. in the district of Castrovirreyna, in Huancavelica, Peru.
SOURCE Silver Mountain Resources Inc.
For further information: Alfredo Bazo, President, CEO & Director, [email protected]; Silver Mountain Resources Inc., 82 Richmond Street East, Toronto, ON M5C 1P1, [email protected], (647) 262-4017; Jean Pierre Fort, Chief Financial Officer, [email protected]
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