Nevada Silver Corporation Announces Closing Of $2,000,000 Financing

February 28, 2022

Toronto, Ontario, 28th February 2022: Nevada Silver Corporation (“NSC” or the “Company”) (TSXV: NSC) (OTCQB: NVDSF) is pleased to announce that it closed a non-brokered private placement financing for aggregate gross proceeds of $2,000,000 (the “Offering”). Pursuant to the Offering, the Company issued 6,670,000 units (the “Units”) at a price of $0.30 per Unit. Each Unit was comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable to acquire one Common Share at an exercise price of $0.45 per share for a period of 24 months from the date of issuance, subject to adjustments in certain events and the Acceleration Right (as defined below).

In the event that the closing price of the Common Shares of the Company on a recognized stock exchange (including the TSXV) is equal to or greater than $0.80 per share for a period of at least ten (10) consecutive trading days (an “Acceleration Event”), the Company will have the right to accelerate the expiry date of the Warrants to a date that is 30 calendar days after notice is given of such Acceleration Event by way of news release.

The net proceeds of the Offering will be used to further explore and develop the Corcoran Canyon silver-gold property, to undertake drilling at the recently acquired Belmont silver property, both located in Nye County, Nevada, USA, and for working capital and general corporate purposes.

No finder’s fees, commissions or similar payments were made in connection with the Offering. All securities issued under the Offering are subject to a restricted period of four months and one day from the date of issuance. The Offering is subject to the final approval of the TSX Venture Exchange Inc. (the “TSXV”).

The securities being offered pursuant to the offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This News Release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, such securities being offered pursuant to the offering in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Nevada Silver Corporation
Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) is a multi-commodity resource company with two exploration projects in the USA. NSC’s principal asset is the Corcoran Silver-Gold Project in Nevada. In addition, NSC has management and ownership rights over the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$24 million invested to date. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.

For further information please contact:

Gary Lewis
Group CEO & Director
Phone: +1 (416) 941 8900

Forward-Looking Statements

This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements in this News Release include, but are not limited to, statements related to receipt of final approval of the TSXV for the Offering and the anticipated use of proceeds from the Offering. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.