Business
Southern Silver Closes First Tranche of Brokered Financing
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2017) - Southern Silver Exploration Co...
About this update from Southern Silver Exploration Corp.
[{"type":"text","content":"Southern Silver Closes First Tranche of Brokered FinancingVancouver, British Columbia--(Newsfile Corp. - June 13, 2017) - Southern Silver Exploration Corp. (TSXV: SSV) (OTCQB: SSVFF) (FSE: SEG1) (\"Southern Silver\") has closed the first tranche of its previously reported Brokered private placement by issuing 6,372,500 units at a price of $0.40 per Unit for gross proceeds of $2,549,000. Gravitas Securities Inc. is the lead agent of the $5 million placement of Units. 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 share.  Securities issued pursuant to this tranche of the private placement, including common shares, share purchase warrants and finder's warrants issued as finder's fees, carry a legend restricting trading of the securities until October 14, 2017.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%), and for additional working capital. Further exploration work in 2017 and 2018 is to be funded by the two Joint Venture partners and is expected to consist of RC, RAB and core diamond drilling in order to:Extend the known mineralization at the Blind and Blind Shoulder targets to increase the current resource.Explore for accumulations of potential new mineralization elsewhere in the larger area of the Cerro Las Minitas property. Further work is currently ongoing on the balance of the larger property area including continued surface work and sampling, exploratory RAB/RC drilling and additional core drilling of certain defined targets.Final closing is expected to occur no later than June 30th, 2017 or such other date as the Lead Agent and the Company may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange (the \"Exchange\"). The Company is pleased to announce that Fort Capital Partners has been appointed to act as a financial advisor to Southern Silver to assist in exploring and evaluating strategic options to ...