Non-brokered deal to finance exploration expenses and working capital
By Devika Patel
Knoxville, Tenn., June 20 - Southern Silver Exploration Corp. said it will conduct a C$3 million non-brokered private placement of units.
The company will sell 17.65 million units of one common share and one half-share warrant at C$0.17 per unit. The whole two-year warrants are each exercisable at C$0.22 in the first year and at C$0.27 in the second year.
The strike prices reflect 22.22% and 50% premiums to the June 17 closing share price of C$0.18.
Proceeds will be used for exploration and property maintenance expenses on the Cerro Las Minitas and Minas de Ameca projects and the Oro project and for working capital.
Southern Silver is a silver exploration company based in Vancouver, B.C.
| Issuer: | Southern Silver Exploration Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3,000,500
|
| Units: | 17.65 million
|
| Price: | C$0.17
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.22 in the first year, C$0.27 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | June 20
|
| Stock symbol: | TSX Venture: SSV
|
| Stock price: | C$0.18 at close June 17
|
| Market capitalization: | C$16.03 million
|
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