Business
SNS Silver Closes Second Tranche of Private Placement
SNS Silver Closes Second Tranche of Private Placement.
About this update from Jasperx Technologies Inc.
[{"type":"text","content":"\n\n\n\nTSX-V Trading Symbol: SNS\n\n\nVANCOUVER, June 22 /CNW/ - SNS Silver Corporation (TSX-V: SNS) ("SNS")\nannounces the closing of 1,137,700 units (the "Units"), at a price of $1.25\nper Unit (the "Offering") for gross proceeds of $1,422,125, which represents\nthe remainder of the previously announced non-brokered private placement of up\nto 5,000,000 Units. Each Unit consists of one common share of the Company\n(a "Share") and one-half of a transferable common share purchase warrant\n(a "Warrant"). Each full Warrant is exercisable into one additional Share for\na period of 18 months following the closing at an exercise price of $1.50. The\nnet proceeds from the Offering are intended for further surface and\nunderground exploration, including drifting and cross-cutting, along with\ngeneral corporate purposes and working capital.\n\n\nA finders' fee comprised of $43,750 in cash and 33,654 finders' warrants\nwas paid with respect to a portion of the Units. All of the securities issued\nin the Offering will be subject to a hold period until October 22nd, 2007.\n\n\nSNS Silver Corp. owns 100% of the Crescent Mine in the Coeur d'Alene\nmining district. The Crescent Mine is a historic high-grade silver producer.\nFrom 1917-1982 the property produced 25 million ounces of silver at an average\ngrade of 27.3 ounces per ton. Prior to its last shut down in the 80's,\nprevious operators of the Crescent Mine reported over 9 million ounces of\nsilver resources at an average grade of 18 ounces per ton. The property lies\nbetween two world-class silver producers: the Sunshine mine which has produced\nmore than 300 million ounces of silver and the Bunker Hill mine, which has\nproduced over 150 million ounces of silver. The Coeur d'Alene district is the\nonly known mining district in North America to have produced over 1 billion\nounces of silver. SNS Silver (SNS) trades on the TSX-V under the symbol SNS.\nThe Company has approximately 39.1 million shares outstanding and\napproximately $21.0 million cash on hand.\n\n\nAll resource estimates quoted herein are based on data and reports\nobtained and prepared by previous operators. The Company has not completed the\nwork necessary to independently verify the classification of the mineral\nresource estimates and is not treating the mineral resour...