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Summa Silver Announces $5 Million Brokered Financing

VANCOUVER, British Columbia, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Summa Silver Corp. ("Summa" or the "Company") (TSXV:SSVR) (OTCQX:SSVRF) (Frankfurt:48X) is pleased to announce that it has entered into an agreement with Research Capital Corporation and Eventus Capital Corp., as co-lead agents and joint bookrunners, on behalf of a syndicate of agents (collectively, the "Agents") in connection with a brokered private placement (the "Offering") of up to 12,500,000 units (each, a "Unit") at a price of $0.40 per Unit, for aggregate gross proceeds of up to $5 million.

Each Unit will be 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 whole Warrant shall be exercisable to acquire one Common Share at a price of $0.55 per Common Share for a period of 24 months from the closing of the Offering. 

The Units sold pursuant to the Offering are expected to be offered to purchasers in all provinces of Canada, except Quebec, and other qualifying jurisdictions, including the United States, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106,  Prospectus Exemptions ("NI 45-106") and will not be subject a statutory hold period. There is an offering document (the "Offering Document") related to this Offering that can be accessed under the Company's profile at www.sedarplus.ca and at the Company's website at summasilver.com. Prospective investors should read the Offering Document before making an investment decision.

The net proceeds of the Offering will be used for further exploration work on the Company's projects and for general working capital purposes, as is more fully described in the Offering Document.

The Offering is anticipated to close on or about November 1, 2024, or such later date as the Company may determine. The closing is ...