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Southern Silver Closes $9.0M Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 16, 2021) - Southern Silver Exploration C...
About this update from Southern Silver Exploration Corp.
[{"type":"text","content":"Southern Silver Closes $9.0M Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 16, 2021) - Southern Silver Exploration Corp. (TSXV: SSV) (OTCQX: SSVFF) (Santiago: SSVCL) (\"Southern Silver\" or the \"Company\") announces the completion of its previously announced bought deal private placement, whereby the Company issued a total of 18,000,000 units of the Company (the \"Units\") at a price of C$0.50 per Unit (the \"Unit Price\") for gross proceeds of C$9,000,000 (the \"Bought Deal Private Placement\"). Due to significant investor demand, the size of the Bought Deal Private Placement was upsized from C$7,000,000. Red Cloud Securities Inc. (the \"Underwriter\") acted as sole underwriter and bookrunner under the Bought Deal Private Placement.Furthermore, the Company expects to close the non-brokered private placement shortly, consisting of 6,000,000 Units at the Unit Price for additional gross proceeds of C$3,000,000 (the \"Non-Brokered Private Placement\", and collectively with the Bought Deal Private Placement, the \"Offerings\"), for aggregate gross proceeds from the Offerings of C$12,000,000.Each Unit is comprised of one common share in the capital of the Company (each a \"Unit Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant shall be exercisable into one common share of the Company (each, a \"Warrant Share\") at a price of C$0.75 at any time on or before June 16, 2023. The net proceeds from the Offerings will be used for exploration and advancement of the Company's Cerro Las Minitas silver-lead-zinc project located in Durango State, Mexico and for general working capital purposes. As part of the Bought Deal Private Placement, the Company paid total cash commissions to the Underwriter of C$540,000 and issued to the Underwriter 1,080,000 warrants of the Company, with each warrant exercisable into one Unit at a price of C$0.50 at any time on or before June 16, 2023. The Company also paid a cash advisory fee to Fort Capital Partners of $180,000 and issued to Fort Capital Partners 360,000 warrants of the Company, with each warrant exercisable into one common share of the Company at a price of C$0.50 at any time on or before June 16, 2023. All securities issued in connection with the Bought Deal Private Placement carry a legend restricting trading...