Jan. 18, 2011 (Newsfile Corp.) --
Vancouver, British Columbia--(January 18, 2011) - New High Ridge Resources Inc. (TSXV:NHR) ("New High Ridge" or "the Company")(TSX-V: NHR) is pleased to announce that subject to the satisfaction of standard conditions including receipt of final TSX Venture Exchange approval, it has completed its previously announced non-brokered private placement of 5,000,000 units at a price of $0.13 per unit, for gross proceeds of CDN $650,000 (the "Offering"). Under the terms of the Offering, each unit will consist of one common share in the capital of the Company (each, a "Share") and one non-transferable common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company (each, a "Warrant Share") for a period of two years from the date of closing as follows: at a price of $0.20 per Warrant Share during the first year and at a price of $0.30 per Warrant Share during the second year.
Certain persons who assisted in the placement of subscribers to the Offering may be paid a finder's fee of 8% in cash of the total subscription proceeds received from subscribers introduced to the Company by each particular person. Additionally, certain persons may be issued compensation warrants ("Finders Warrants") consisting of 8% of the total number of Units subscribed for by subscribers introduced to the Company. Each Finders Warrant is exercisable for a two year period from closing at a price of $0.20 during the first year and at a price of $0.30 during the second year.
All Shares and Warrants issued pursuant to the Offering are subject to a hold period of four months and one day after closing of the offering under applicable Canadian securities laws and the policies of the TSX Venture Exchange.
Further, the Company wishes to announce that the previously announced 800,000 stock options granted to certain management and directors of the Company at $0.135 exercisable for a period of five years has been re-priced to $0.175 subject to the TSX Venture Exchange policies.
About New High Ridge Resources Inc.
New High Ridge Resources is a British Columbia focused exploration company with two wholly owned advanced exploration projects: the Newton Mountain property (Au-Cu porphyry) 35 km north of Taseko Mine's Prosperity (formerly Fish Lake) Au-Cu project ; and the Chuchi property (Cu-Au porphyry) 30 km NW of Terrane's Mt. Milligan project.
The wholly owned Newton Mountain property is currently optioned to Amarc Resources Ltd. (OTCBB:AXREF) (TSXV:AHR)
Amarc is aggressively drilling our Newton Mountain property with two drills as part of their fully funded 28 hole drill program designed to follow up on the major discovery made in 2009 that included:
- 189 meters grading 1.56 g/t gold, including 99 metres grading 2.76 g/t gold in hole 9004; and,
- 138 metres grading 0.74 g/t gold, including 63 metres grading 1.17 g/t gold in hole 9014
ON BEHALF OF THE BOARD OF DIRECTORS
"Mark A. McLeary"
President
For more information, please contact:
Mark A. McLeary
President/CEO
Telephone: 604-678-2531 x 226
Email: mark@silversunresource.com
This press release is intended for distribution outside the United States only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, United States persons absent United States registration or an applicable exemption from the United States registration requirements. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of Silver Sun in the United States.
Forward Looking Statements
This Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, obtaining final TSX Venture Exchange approval for the private placement, as well as more general factors such as: competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
