Southern Silver Exploration Corp. (the “company”) has now closed the second tranche of the previously announced private placement (NR-06-09, Nov. 24, 09) consisting of 3,590,000 million units for proceeds of C$359,000. The company announced on December 10, 2009 (NR-07-09) that it had closed the first tranche of the private placement respecting 14,570,000 units aggregating C$1,457,000.
The private placement was oversubscribed and the company issued a total of 18.16 million units for total gross proceeds of C$1,816,000.
Each unit is priced at C$0.10 and consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share at an exercise price of C$0.20 per share for a period of two years.
The proceeds from the private placement will be used to fund planned drill programs on the company’s mineral exploration projects in New Mexico and Mexico as well as for working capital. Finder’s fees are payable. The private placement and finder’s fees are subject to regulatory approval. All securities issued pursuant to the first tranche closing of this private placement, including common shares, share purchase warrants and finders’ warrants issued as finders’ fees, carry a legend restricting trading of the securities until April 25, 2010.
Accelerated share purchase warrants which expired on December 23, 2009 were exercised to purchase approximately 3,600,000 common shares for proceeds of $360,000.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is focused on the exploration and development of quality assets, in significant mineralized trends, close to infrastructure. Its current projects include the copper/gold/silver Minas de Ameca project and the silver/zinc/lead Pinabete project in Mexico, the Dragoon Porphyry project in Arizona and the Oro project in New Mexico. See smartstocks.com for a recent review of the company’s exploration programs.
On behalf of the Board of Directors
“Lawrence Page”
Lawrence Page, President, Southern Silver Exploration Corp.
For further information visit southernsilverexploration.com or please contact Jeff Stuart or Ran Davidson at 1-888-456-1112 / 604-684-9384 or by email at corpdev@mnxltd.com.
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.