By Devika Patel
Knoxville, Tenn., Dec. 10 - Southern Silver Exploration Corp. said a non-brokered private placement of units that priced Nov. 24 has been oversubscribed and consequently lifted to C$1.8 million from C$1.5 million. The company also said it has closed the first tranche for C$1.46 million.
The company is selling units at C$0.10 apiece. It sold 14.57 million units in the first tranche.
Each unit consists of one common share and one warrant, with each two-year warrant exercisable at C$0.20.
Proceeds will be used for drilling and working capital.
Southern Silver is a metals exploration company based in Vancouver, B.C.
| Issuer: | Southern Silver Exploration Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.8 million
|
| Units: | 18 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 24
|
| Upsized: | Dec. 10
|
| Settlement date: | Dec. 10 (for C$1,457,000)
|
| Stock symbol: | TSX Venture: SSV
|
| Stock price: | C$0.12 at close Nov. 23
|
| Market capitalization: | C$4.72 million
|
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