Yuntone Capital Corp. and Mantaro Silver Corp. Announce Conditional Approval for Qualifying Transaction and SEDAR filing of Filing Statement

VANCOUVER, BC, May 17, 2021 /CNW/ - YUNTONE CAPITAL CORP. ("Yuntone" or the "Company") (TSXV: YTC.H), a capital pool company, is pleased to announce that it has received conditional approval from the TSX Venture Exchange (the "Exchange") for its qualifying transaction (the "Transaction") with Mantaro Silver Corp. ("Mantaro"). As previously announced on October 27, 2020 and May 4, 2021, Yuntone Capital will acquire all of the issued and outstanding shares of Mantaro by way of a three cornered amalgamation. Mantaro owns five silver-focused Peruvian mineral properties, consisting of its flagship Santas Gloria Silver Property and the San Jose, La Purisima, Cerro Luque and Huaranay Properties (the "Silver Properties").

Yuntone has also filed its filing statement (the "Filing Statement") and technical report on the Santas Gloria Property in connection with the Transaction. The Filing Statement is dated May 12, 2021 and posted on Yuntone's SEDAR profile at www.sedar.com.

Subject to Yuntone satisfying the conditions of the Exchange, closing of the Transaction is expected to occur in late May 2021.

About Yuntone

Yuntone Realty Capital Corp. is a capital pool company ("CPC") as defined by Exchange Policy 2.4 ("Policy 2.4") and the shares were listed for trading under the trading symbol "YTC.H".

Information set forth in this news release contains forward-looking statements. These statements relate to the completion of the Offering, completion of the Transaction, use of proceeds of the Offering, the expectations relating to officers, directors and insiders of Mantaro, among others reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Yuntone cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Yuntone's control. Such factors include, among other things: risks and uncertainties relating to Yuntone's ability to complete the proposed Qualifying Transaction and the Offering; and other risks and uncertainties. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Yuntone undertakes no obligation to publicly update or revise forward-looking information.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

A halt in trading shall remain in place until after the Qualifying Transaction is completed or such time that acceptable documentation is filed with the TSX Venture Exchange.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Mantaro Silver Corp.