TSX-V Trading Symbol: SNS
VANCOUVER, June 22 /CNW/ - SNS Silver Corporation (TSX-V: SNS) ("SNS") announces the closing of 1,137,700 units (the "Units"), at a price of $1.25 per Unit (the "Offering") for gross proceeds of $1,422,125, which represents the remainder of the previously announced non-brokered private placement of up to 5,000,000 Units. Each Unit consists of one common share of the Company (a "Share") and one-half of a transferable common share purchase warrant (a "Warrant"). Each full Warrant is exercisable into one additional Share for a period of 18 months following the closing at an exercise price of $1.50. The net proceeds from the Offering are intended for further surface and underground exploration, including drifting and cross-cutting, along with general corporate purposes and working capital.
A finders' fee comprised of $43,750 in cash and 33,654 finders' warrants was paid with respect to a portion of the Units. All of the securities issued in the Offering will be subject to a hold period until October 22nd, 2007.
SNS Silver Corp. owns 100% of the Crescent Mine in the Coeur d'Alene mining district. The Crescent Mine is a historic high-grade silver producer. From 1917-1982 the property produced 25 million ounces of silver at an average grade of 27.3 ounces per ton. Prior to its last shut down in the 80's, previous operators of the Crescent Mine reported over 9 million ounces of silver resources at an average grade of 18 ounces per ton. The property lies between two world-class silver producers: the Sunshine mine which has produced more than 300 million ounces of silver and the Bunker Hill mine, which has produced over 150 million ounces of silver. The Coeur d'Alene district is the only known mining district in North America to have produced over 1 billion ounces of silver. SNS Silver (SNS) trades on the TSX-V under the symbol SNS. The Company has approximately 39.1 million shares outstanding and approximately $21.0 million cash on hand.
All resource estimates quoted herein are based on data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to independently verify the classification of the mineral resource estimates and is not treating the mineral resource estimates as National Instrument 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The Crescent Mine will require considerable further evaluation, which the Company's management and consultants are in the process of completing.
The TSX Venture Exchange has not reviewed and does not accept the
responsibility for the adequacy or accuracy of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.
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