Business
Southern Silver Closes First Tranche of Non-Brokered Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 7, 2016) - Southern Silver Exploration Corp. ("Southern Silver") (TSX VENTURE:SSV)(FRANKFURT:SEG1)(SSE:SSVCL)
About this update from Southern Silver Exploration Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 7, 2016) - Southern Silver Exploration Corp. (\"Southern Silver\") (TSX VENTURE:SSV)(FRANKFURT:SEG1)(SSE:SSVCL) has closed the first tranche of its previously reported non-brokered private placement by issuing 7,620,000 units at a price of $0.05 per unit for gross proceeds of $381,000. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.08 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 July 5, 2016. About Southern Silver Exploration Corp. Southern Silver Exploration Corp. is a precious metal exploration and development company with a focus on the discovery of world class mineral deposits in north-central Mexico and the southern USA with specific emphasis on our Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico's Faja de Plata which hosts multiple world class mineral deposits such as Penasquito, San Martin, Naica and Pitarilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. The Company engages in the acquisition, exploration and development either directly or through joint venture relationships in mineral properties in major jurisdictions. Our property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA. Net proceeds from the private placement will be used for working capital and costs associated with claim maintenance, permitting and other exploration expenses. Specifically, some proceeds will be applied towards the assessment of the Oro property in New Mexico. Surface exploration consisting of prospecting and trenching is planned to resolve targeting prior to permitting the next phase of drilling on the project. Finders' fees and commissions may be paid by Southern Silver in relation to this Offering (not including the units sold to Electrum). Southern Silver will make provision for an over-allotment option (Greenshoe)...