By Sheri Kasprzak
New York, March 1 - Silver Dragon Resources Inc. said it has wrapped a $1 million private placement.
The company sold 1 million units of one share and two half-share warrants.
One of the half-share warrants, when whole, is exercisable at $2.00 each for two years, and the other half-share warrant, when whole, is exercisable at $5.00 each for two years.
Proceeds will be used for the acquisition, production and development of the Cerro las Minitas mine in Mexico, expansion at the Tierra Blanca property in Mexico, the expansion of the company's asset base and general corporate purposes.
Toronto-based Silver Dragon is a silver exploration, acquisition and development company.
| Issuer: | Silver Dragon Resources Inc.
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| Issue: | Units of one share and two half-share warrants
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| Amount: | $1 million
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| Units: | 1 million
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| Price: | $1.00
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| Warrants: | Two half-share warrants per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$2.00 for one half-share warrant; C$5.00 for the other half-share warrant
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| Settlement date: | March 1
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| Stock symbol: | OTCBB: SDRG
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| Stock price: | $0.94 at close Feb. 28
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