Business
Southern Silver Closes Non-Brokered Financing; Prepares for Commencement of Drilling
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 8, 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 - April 8, 2016) - Southern Silver Exploration Corp. (\"Southern Silver\") (TSX VENTURE:SSV)(FRANKFURT:SEG1)(SSE:SSVCL) announces that it has closed its previously reported non-brokered private placement by issuing 12,000,000 Units at a price of $0.05 per unit for gross proceeds of $600,000. Each unit consisted 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. 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. 2016 Exploration Program Crews are on the property in preparation for the commencement of drilling scheduled for mid-next week. Southern Silver, as Operator, will undertake approximately 2250 metres of drilling in three holes for a budget of USD$750,000. Initial focus will be on the continued extension of mineralization to the southeast of the Blind and El Sol Deposits. The 2016 program is funded by Electrum Global Holdings L.P. (\"Electrum\"), which is financing a broad range of exploration activities to earn a 60% interest in the project. 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 j...