TORONTO, September 14, 2022 /CNW/ – SILVER MOUNTAIN RESOURCES INC. (TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) (“silver mountain” or the “Company“) announces that it has been solicited by OTC Markets Group Inc. (“OTC Markets“) to issue this statement regarding promotional activity relating to its Class A common shares traded on the OTCQB market (operated by OTC Markets).
In Monday, September 12, 2022, OTC Markets advised the Company that it became aware of certain promotional activities related to the Company and Class A common stock traded on the OTCQB Market, 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 samples of the promotional material for reference.
All four are third-party advertising and marketing companies. In September 12, 2022The Company entered into an advertising agreement with Gold Standard Media, LLC (“gold standard“), whereby Gold Standard, together 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. Service Providers are authorized to contract with third parties. The Agreement is valid until February 2, 2024.
After consultation with management, the Company was aware of the distribution of each newsletter as of September 12, 2022and paid for its distribution. However, neither the Company nor its officers were directly involved in the creation of the materials. The Company provided the service providers with publicly available source information for the newsletters and did not have editorial control over the materials, including reviewing the materials for accuracy prior to dissemination. Each of the bulletins presented factual statements about the silver market, the Company’s investors, the Company’s current market capitalization, and indicated the attractiveness of the Company due to its well-known investors.
The Company does not believe that the statements in the newsletters are false or misleading. OTC Markets has advised the Company that OTC Markets takes the position that the newsletters promote the Company and encourage investors to buy its shares. The Company wishes to caution readers that these statements are speculative in nature. For more complete and specific information about the Company, its prospects and the risks associated with those prospects, readers should refer to the Company’s public filings on SEDAR, its website and other reliable sources. The Company encourages investors to contact their investment advisers before making any investment.
In addition, the Company understands that this promotional activity may have coincided with increased trading activity in Class A common stock as of September 12, 2022. The Company does not believe that promotional activities were a factor in any increase in the trading volume of the Class A common shares. Rather, the Company believes that the increase in trading volume was due to increased current interest in the 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 consultation with management, three officers and directors have sold securities of the Company in the last 90 days. Jose Vizquerra (President and Director), Fort Jean-Pierre (Financial Director), and Torsten Danne (Exploration Director) have sold or bought securities of the Company in the last 90 days. To the best of management’s knowledge, none of the majority shareholders have sold or bought securities of the Company in the last 90 days. In addition, management is not aware of any third party service providers that have sold or purchased Company securities in the last 90 days.
In the last 12 months, the Company has only entered into an agreement with Gold Standard and its affiliates (in September 12, 2022), as described above, to provide investor relations, public relations, marketing and other related services, including the promotion of the Company or its values.
OTC Markets has further requested that the Company indicate whether, at any time, it has issued shares or convertible instruments that allow conversion to equity securities at prices that constitute a discount to the current market rate at the time of issuance. . As disclosed in its public filings on SEDAR, the Company has not issued shares or convertible instruments that allow conversion to equity securities at prices that constitute a discount from the current market rate at the time of issuance in accordance with the policies of the TSX Venture Exchange.
About Silver Mountain Resources Inc.
Silver Mountain Resources Inc. is a silver explorer and mine developer that plans to restart production at the Reliquias underground mine and undertake exploration activities at its potential silver camps at the Castrovirreyna Project in Huancavelica, Peru.
Silver Mountain’s subsidiary, Sociedad Minera Reliquias SAC, owns 100% of its concessions and owns more than 30,000 hectares in the district of Castrovirreyna, in Huancavelica, Peru.
SOURCE Silver Mountain Resources Inc.
For more information: Alfredo Bazo, President, CEO and Director, [email protected]; Silver Mountain Resources Inc., 82 Richmond Street East, Toronto, ON M5C 1P1, [email protected], (647) 262-4017; Jean-Pierre Fort, CFO, [email protected]