TSX: MSV; OTCQX: MISVF;
WKN:A0ESX5
VANCOUVER, May 5, 2020 /CNW/ - Minco Silver
Corporation (the "Company" or "Minco Silver") (TSX: MSV
OTCQX: MISVF; WKN: A0ESX5) today reported that it has reduced
the size of its private placement investment in HempNova Lifetech
Corporation ("HempNova") from 10,000,000 common shares of
HempNova to 7,950,000 common shares at a price of $0.40 per share. As a result, the aggregate
amount of the Company's investment in HempNova has been reduced
from $4,000,000 to $3,180,000.
The shares purchased by the Company pursuant to the reduced
investment represents approximately 12.80% of the issued and
outstanding common shares of HempNova after closing of the HempNova
private placement. The Company has filed an amended early
warning report to reflect its reduced investment in
HempNova. A copy of the amended early warning report is
available for review on HempNova's SEDAR profile.
The private placement in HempNova was reduced to ensure that it
did not exceed 10% of the Company's market capitalization on the
date the investment was first announced. Pursuant to TSX
policies, the approval of the investment in the original amount,
which exceeded 10% of the Company's market capitalization, would
have required shareholder approval. To avoid the delays and
expense of convening a shareholder meeting for purposes of
seeking shareholder approval, the Company elected instead to reduce
the amount of its investment.
As part of its due diligence review of HempNova, the Company has
satisfied itself that the business of HempNova does not violate
U.S. federal law regarding marijuana and is operated legally in all
jurisdictions in which it operates. The tests regarding such
compliance are set forth in TSX Staff Notice 2017-0009.
Specifically, the Company has satisfied itself that HempNova (1)
has no direct or indirect ownership of, or investment in any
entities engaging in activities related to the cultivation,
distribution or possession of marijuana in the United States ("Subject Entities"), (2)
has no commercial interests or arrangements with Subject Entities
that are similar in substance to ownership of, or investment in
Subject Entities, (3) does not provide services or products that
are specifically designed for, or targeted at, Subject Entities,
and (4) has no commercial interests or arrangements with entities
engaging in the business activities described above.
ON BEHALF OF THE BOARD
"Ken Z. Cai"
President
About Minco Silver
Minco Silver Corporation is a TSX and OTCQX listed company
focusing on the exploration and development of mineral resource
projects. The Company's primary focus is to advance our
properties, the Fuwan Silver Project and the Changkeng Gold
Project, towards production. The Fuwan Silver Project and the
Changkeng Gold Project are adjoined and are located approximately
45 kilometres southwest of Guangzhou City, China. We also seek to identify and acquire
additional precious metal dominant projects that we believe will
enhance shareholder value. For more information on Minco Silver,
please visit the Company's website at www.mincosilver.ca or contact
Jennifer Trevitt, at 1-888-288-8288
or (604) 688-8002 pr@mincosilver.ca
SOURCE Minco Silver Corporation