Non-brokered deal finances exploration program on Cerro Las Minitas
By Devika Patel
Knoxville, Tenn., Jan. 6 - Southern Silver Exploration Corp. said it raised C$64,500 in the second and final tranche of a C$1.03 million non-brokered private placement of units. The deal priced for C$1.2 million on Nov. 7, and the company took in C$962,550 on Dec. 5.
Southern Silver sold 6,847,000 units of one common share and one warrant at C$0.15 per unit. It sold 6,417,000 units in the initial tranche and 430,000 units in the second closing.
The warrants are each exercisable at C$0.20 for two years. The strike price reflects a 37.93% premium to the Nov. 4 closing share price of C$0.145.
Proceeds will be used for an expanded and accelerated exploration program on the Cerro Las Minitas mineral claims.
Southern Silver is a mineral exploration company based in Vancouver, B.C.
| Issuer: | Southern Silver Exploration Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,027,050
|
| Units: | 6,847,000
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 7
|
| Settlement dates: | Dec. 5 (for C$962,550), Jan. 6 (for C$64,500)
|
| Stock symbol: | TSX Venture: SSV
|
| Stock price: | C$0.145 at close Nov. 4
|
| Market capitalization: | C$13.77 million
|
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