Tier One Silver Closes Final Tranche of Private Placement

VANCOUVER, BC / ACCESSWIRE / December 15, 2023 / Tier One Silver Inc. (TSXV:TSLV) ("Tier One" or the "Company") is pleased to announce that it has completed its non-brokered private placement the terms of which were announced on October 26, 2023 (the "Offering"). In the second and final tranche of the Offering, which was extended on December 8, 2023, the Company issued 4,897,000 units (each, a "Unit") at a price of C$0.10 per Unit for gross proceeds of C$489,700, bringing the total gross proceeds from the Offering to C$985,100. In connection with the closing of the final tranche of the Offering, the Company paid cash finders' fees of C$6,000 (C$19,824 in total for the Offering) and issued 60,000 non-transferable finders' warrants(198,240 finders' warrants in total for the Offering), with each finder's warrant exercisable for one common share of the Company at the exercise price of C$0.25 until December 15, 2025. The proposed use of proceeds from the Offering is to fund general working capital.

In accordance with applicable securities laws, the securities issued under the Offering are subject to a statutory four-month and one-day hold period from the date of issuance in Canada. As of the date hereof, the Offering is subject to customary final approval by the TSX Venture Exchange, which is expected upon filing standard documentation.

Insiders of the Company acquired an aggregate of 547,000 Units in the Offering for a total of C$54,700, which participation constituted a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the securities acquired by the insiders was less than 25% of the Company's market capitalization.

The securities issued pursuant to this 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 state securities laws. Accordingly, the securities issued pursuant to the Offering may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such an offer, solicitation or sale would be unlawful.