By Sheri Kasprzak
Atlanta, March 18 - Southern Silver Exploration Corp. said it has increased the size of its previously announced C$2 million private placement to C$2.25 million to allow for investor demand.
The company will now issue 4.5 million units at C$0.50 each.
The units include one share and one half-share warrant. The full warrants provide for an additional share at C$0.60 each for two years. The expiry of the warrants will be accelerated to 30 days if the company's stock trades greater than $1.00 per share for 20 consecutive trading days six months after closing.
The deal was first announced Feb. 28 as being comprised of up to 4 million units under the same terms.
Based in Vancouver, B.C., Southern Silver is a silver exploration company. It plans to use the proceeds from the offering to fund the exploration of its Pinabete project in Mexico.
| Issuer: | Southern Silver Exploration Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2.25 million
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| Units: | 4.5 million
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.60
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| Pricing date: | Feb. 28
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| Upsized: | March 18
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| Stock price: | C$0.72 at close March 18
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