TORONTO, ONTARIO-- Feb. 22,
2008) - Hi Ho Silver Resources Inc. ("Hi Ho Silver" or the
"Company") (CNQ:HIHO)(FRANKFURT:H9T) is pleased to announce
that further to its news release dated February 1, 2008, the Company has
agreed to a non-brokered private placement of $1,400,000 with the
MineralFields Group, which has agreed to subscribe for 2,000,000 units at
$0.70 per unit, subject to the Company securing a listing of its shares on
either the TSX or the TSX-V stock exchange. Each unit consists of one
common share of the Company and one-half of one non-transferable share
purchase warrant, whereby each whole warrant entitles the holder to
purchase an additional common share at a price of $0.90 per share for a one
year period following closing. The shares comprising the units will be
issued on a flow-through basis. Proceeds from this financing will be used
for ongoing exploration on the Company's mineral exploration properties.
"We are very pleased to be entering into this relationship with
MineralFields Group", said Fred Fisher, President and CEO of Hi Ho
Silver Resources Inc. "This is an important milestone in the growth of
Hi Ho Silver Resources and we look forward to working with MineralFields
Group as we develop our molybdenum and silver properties in British
Columbia."
About
MineralFields, Pathway and First Canadian Securities(R)
MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to
investors throughout Canada during most of the calendar year, as well as
hard-dollar resource limited partnerships to investors throughout the
world. Pathway Asset Management also specializes in the manufacturing and
distribution of structured products and mutual funds. Information about
MineralFields Group is available at www.mineralfields.com. First Canadian
Securities(R), a division of Limited Market Dealer Inc., is active in
leading resource financings (both flow-through and hard dollar PIPE
financings) on competitive, effective and service-friendly terms, with
investors both within, and outside of MineralFields Group.
$0.55 Unit Offering
The Company also announces a non-brokered private placement offering of up
to two million units at $0.55 per unit, where each unit shall consist of
one common share of the Company and one-half of one non-transferable share
purchase warrant, whereby each whole warrant shall entitle the holder to
purchase an additional common share at a price of $0.90 per share for a one
year period following closing. Proceeds from this offering will be used for
exploration and for corporate affairs.
Results of AGM
The Company also announces that at the Company's annual general meeting
held on January 30, 2008, the Company's shareholders elected a six member
board of directors consisting of Isabel Alves, Frederick Fisher, Derek
Ivany, Thomas Murdoch, James Rainbird and Alan Savage. In addition, the
shareholders appointed McGovern, Hurley, Cunningham, LLP, Chartered
Accountants, as the Company's auditors and re-approved the Company's stock
option plan dated September 5, 2006 and amended October 12, 2006.
Subsequent to the AGM, the Company's board of directors re-appointed
Frederick Fisher as President and CEO, James Rainbird as Treasurer and CFO
and Kelly Fisher as Secretary. Subsequent to the AGM, Derek Ivany has
resigned as a Director in order to more fully focus on his own business
affairs. He will continue to advise the Company on various matters.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. RESIDENTS
Signed,
HI HO SILVER RESOURCES INC.
Fred Fisher, President & C.E.O.
Forward-Looking Information:
This release may include certain statements that may be deemed
"forward-looking statements". All statements in this release,
other than statements of historical facts, that address future production,
reserve or resource potential, exploration drilling, exploitation
activities and events or developments that Hi Ho Silver Resources Inc. (the
"Company") expects to occur, are forward-looking statements. Such
statements are identified in this release by the use of words such as
"will" and "expected" as well as the use of the future
or conditional tense. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and
actual results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to
differ materially from those in forward looking statements include market
prices, exploitation and exploration successes, and continued availability
of capital and financing and general economic, market or business
conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements. The
Company does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information, future
events or otherwise.
The CNQ Stock Exchange has not reviewed and does not accept responsibility
for the adequacy or the accuracy of the contents of this document.
CONTACT INFORMATION:
Hi Ho Silver Resources Inc.
Fred Fisher
President/CEO
(905) 602-4653
or
Hi Ho Silver Resources Inc.
Isabel Alves
Investor Relations
(905) 602-4653
Email: info@hhsr.ca
Website: http://www.hhsr.ca