Business
Southern Silver Closes First Tranche of Over-Subscribed Financing
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2019) - Southern Silver Exploration ...
About this update from Southern Silver Exploration Corp.
[{"type":"text","content":"Southern Silver Closes First Tranche of Over-Subscribed FinancingVancouver, British Columbia--(Newsfile Corp. - August 14, 2019) - Southern Silver Exploration Corp. (TSXV: SSV) (\"Southern Silver\" or the \"Company\") has closed the first tranche of its previously reported non-brokered private placement by issuing 15,502,500 units at a price of $0.20 per unit for gross proceeds of $3,100,500. 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 $0.25 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 December 14, 2019.At final closing, due to increased interest in the offering, the Company plans to close on an oversubscribed amount to a maximum of 22,500,000 units for gross proceeds of $4.5 million.Net proceeds from the private placement will be used for working capital and to cover our proportionate share (40%) of the costs associated with the continued 2019-20 exploration programs on the Cerro Las Minitas property, Durango Mexico along with our J/V partner, Electrum Global Holdings L.P. (60%).Finders' fees and commissions may be paid by Southern Silver in relation to this offering and an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional units beyond the number of units in this offering is included. The offering is subject to TSX Venture Exchange approval.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. Our specific emphasis is the 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 Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing, along with our partner, Electrum Global Holdings LP, the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. The Company en...