TSX: MSV; OTCQX: MISVF;
WKN:A0ESX5
VANCOUVER, April 22, 2020 /CNW/ - Minco Silver
Corporation (the "Company" or "Minco Silver") (TSX:
MSV; OTCQX: MISVF; WKN:
A0ESX5) reports that it has entered into a private
placement subscription agreement with HempNova Lifetech Corporation
("HempNova") pursuant to which it has purchased 10,000,000
common shares of HempNova at a price of $0.40 per share for an aggregate subscription
cost of $4,000,000 (the
"Subscription"). The Subscription forms part of a
larger private placement conducted by HempNova. For further
details of the HempNova private placement, please refer to
HempNova's news release dated March 27,
2020.
HempNova is involved in the business of hemp processing in
Oregon, USA. For further
details of HempNova's business and its plans for 2020, please refer
to HempNova's news release dated February
24, 2020. Dr. Ken Z.
Cai, the CEO of Minco Silver, is also a director and the
Chairman of the Board of HempNova, and Ms. Maria Tang, an independent director of Minco
Silver, is also the President of HempNova.
Immediately prior to closing of the Subscription, the Company
held no shares of HempNova. The shares purchased by the Company
pursuant to the Subscription represent approximately 17.72% of
HempNova issued and outstanding common shares upon this
Subscription closed.
Minco Silver acquired the HempNova shares for investment
purposes pursuant to the terms of the Subscription. Funding for the
investment in HempNova was sourced from surplus cash held by Minco
Silver. The investment does not alter Minco Silver's business focus
on exploration and development of mineral properties.
The Company will evaluate its investment in HempNova from time
to time and may, based on such evaluation, market conditions and
other circumstances, increase or decrease its shareholdings as
circumstances required through market transactions, private
agreements, or otherwise. A copy of the early warning report
filed by Minco Silver in connection with the acquisition of
HempNova common shares will be available on HempNova's SEDAR
profile.
The Company also announces that Mr. Larry Tsang has retired as the Company's Chief
Financial Officer. The Company thanks Mr. Tsang for his 4
years of service and support to the Company and wishes him all the
best in the future.
The Company is pleased to announce that Ms.
Melinda Hsu has been appointed as
its Chief Financial Officer. Ms. Hsu has over 30 years
of diversified experience in areas of accounting, finance,
corporate development and administration
in Canada and China. Ms. Hsu was formerly the Chief
Financial Officer, Corporate Secretary and Treasurer of Handeni
Gold Inc. She started her career in the State Planning Commission
of China and held Corporate Controller position in Titan
Mining Corp. and various other mining and oil & gas companies
with both Canadian and international operations. Ms. Hsu is a
member of Chartered Professional Accountants of British
Columbia and Ontario, and has a Master of Arts in
Commerce from Renmin University of China.
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
