BRS Ventures Ltd. Changes Name to Silver One Resources Inc.Download this news release as PDF
Completes 3:1 Forward Stock Split
Amends Private Placement Financing to $0.25 per Share
August 31, 2016
VANCOUVER, BRITISH COLUMBIA – BRS Ventures Ltd. (Old Symbol: TSX-V: BRV, New Symbol: TSX-V:
SVE) (the “Company”) is pleased to announce that, effective September 1, 2016, it will change its name to Silver One Resources Inc. (the “Name Change”) and forward split its issued and outstanding common shares on the basis of three (3) post-split common shares for one (1) pre-split common share (the “Split”). The Company’s post-Split common shares will trade on the TSX Venture Exchange under the symbol “SVE” on September 1, 2016.
The purpose of the Name Change and Split is to enhance the Company’s ability to access capital markets and enhance liquidity for its shareholders. As a result of the Split, the Company’s 21,641,659 pre-Split common shares will be 64,924,977 post-Split common shares. Registered shareholders of the Company will receive new share certificates under the new CUSIP number, which is 828062109.
Private Placement Financing
The Company also announces that it has amended the terms of the previously announced private placement financing (see news release dated August 22, 2016) by increasing the subscription price per share from $0.20 per post-Split share to $0.25 per post-Split Share. As a result, the Company will offer 10 Million post-Split shares for gross proceeds C$2.5 Million (the “Offering”). The Offering will not be subject to a minimum offering amount.
The Offering will be completed pursuant to National Instrument 45-106 – Prospectus and Registration Exemptions (“NI 45-106”) and to certain subscribers pursuant to B.C. Instrument 45-536 – Exemptions from prospectus requirement for certain distributions through an investment dealer. The Company confirms that there is no material fact or material change regarding the Company that has not been generally disclosed.
Proceeds of the financing will be used for an exploration program on the newly acquired silver projects and for general working capital.
Closing of the Offering is subject to the approval of the TSX Venture Exchange.
The Company also announces that it has granted options to purchase 310,000 pre-Split shares (930,000 post-Split shares) to consultants and advisors of the Company. The options will be exercisable at a price of $1.00 per pre-Split shares ($0.33 per post-Split share) and expire five years from the grant date.
For more information, please contact:
Silver One Resources Inc.
Greg Crowe, CEO and President
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the Company’s limited operating history, the need to comply with environmental and governmental regulations and its ability to complete its acquisition and private placement financing. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
NEITHER 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.