Business
Southern Silver Closes Second Tranche of Brokered and Non-Brokered Financing
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2017) - Southern Silver Exploration ...
About this update from Southern Silver Exploration Corp.
[{"type":"text","content":"Southern Silver Closes Second Tranche of Brokered and Non-Brokered FinancingVancouver, British Columbia--(Newsfile Corp. - August 31, 2017) - Southern Silver Exploration Corp. (TSXV: SSV) (OTCQB: SSVFF) (FSE: SEG1) (\"Southern Silver\" or the \"Company\") has closed the second tranche of its previously reported private placement by issuing 1,170,000 units at a price of $0.40 per unit for gross proceeds of $468,000. The private placement was comprised of a brokered and non-brokered component. Gravitas Securities Inc. (\"Gravitas\") acted as lead agent of the brokered portion of the private placement. 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. On the closing of this tranche of the private placement, Gravitas received a cash fee of $42,240 and 105,600 non-transferable compensation options with each compensation option exercisable to purchase one common share for a period of 36 months at an exercise price of $0.40 per common share. Also paid upon closing were finder's fees of $500 cash and 1,750 non-transferable finder's warrants, with each finder's warrant exercisable to purchase one common share at $0.55 for three years. Securities issued pursuant to this tranche of the private placement, including common shares, share purchase warrants, finder's warrants and compensation options, carry a legend restricting trading of the securities until January 1, 2018.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%), for advancement of the 100% owned Oro Project, New Mexico, and for additional working capital. 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 RC, RAB and core diamond drilling in order to:(a)   Extend the known mineralization at the Blind and Blind Shoulder targets to increase the current resource.(b)   Explore for accumulations of potential new mineralization elsewh...