Business
Southern Silver Closes Final Tranche of Financing
Vancouver, British Columbia--(Newsfile Corp. - October 2, 2017) - Southern Silver Exploration ...
About this update from Southern Silver Exploration Corp.
[{"type":"text","content":"Southern Silver Closes Final Tranche of FinancingVancouver, British Columbia--(Newsfile Corp. - October 2, 2017) - Southern Silver Exploration Corp. (TSXV: SSV) (OTCQB: SSVFF) (FSE: SEG1) (\"Southern Silver\" or the \"Company\") has closed the final tranche of its previously reported private placement by issuing 1,254,500 units at a price of $0.40 per unit for gross proceeds of $501,800.  Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.55 per common share.  Securities issued pursuant to this tranche of the private placement, including common shares and share purchase warrants, carry a legend restricting trading of the securities until January 30, 2018. In total, the Company has now closed 8,797,000 Units in three tranches for total gross proceeds of $3,581,800. The final closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.Net proceeds from this private placement are intended to be used to contribute to the Company's proportionate share (40%) of the costs associated with continuing exploration on the Cerro Las Minitas property near Durango, Mexico together with the Joint Venture partner of the Company, Electrum Global Holdings L.P. (60%). Further exploration work on the Cerro Las Minitas property in 2017 and 2018 is to be funded by the two Joint Venture partners and is expected to consist of detailed surface sampling and core and RC drilling in order to:Extend the known mineralization at the North Skarn and Las Victorias target areas in order to increase the current mineral resource estimate; and Explore for accumulations of potential new mineralization elsewhere in the larger area of the Cerro Las Minitas property. Portions of the net proceeds will also be added to general working capital and to fund an exploration program on the Company's 100% owned Oro property in New Mexico, USA, consisting of surface work and a 1250 metre, eight to ten hole RC drilling program targeting sediment-hosted gold mineralization at the Stock Pond target area at an approximate cost of $300,000. Drilling is expected to begin in mid-October 2017.The Company also reports that it has granted incentive stock o...