Southern Silver Exploration Corp. (the “Company”) announced that it has given notice to the holders (“Holders”) of non-transferable common share purchase warrants (the “Warrants”) of the Company dated February 23, 2007 (and amended on December 10, 2008 and May 6, 2009) of the acceleration of the expiry date of the Warrants to December 23, 2009. The original Warrant exercise price of $0.60 per share was previously amended to $0.10 per share and the original Warrant expiry date of February 24, 2009 was previously amended to February 24, 2010.
The Notice to Holders of Warrants dated May 6, 2009 provides that in the event that the closing price of the Company’s common shares on the TSX Venture Exchange is $0.135 or more for ten consecutive trading days (the tenth such trading day being the “Determination”), the expiry date of the Warrants will be accelerated to the thirty seventh calendar day following the Determination (the “Accelerated Expiry Date”). The Company will forthwith on the Determination immediately notify the Holder of Warrants of the Accelerated Expiry Date. All Warrants not exercised by the expiration of the Accelerated Expiry Date shall be deemed cancelled without further notice to the Holder.
The Company’s shares have traded at a closing price of $0.135 or more per share for a period of ten consecutive trading days for the period beginning November 3, 2009 and ending ten consecutive trading days thereafter, namely November 16, 2009. Notice has been given that the Company accelerates the date upon which the Warrants will expire from February 24, 2010 to December 23, 2009 after which time the Warrants will be void and of no value.
On behalf of the Board of Directors
Lawrence Page, President
Southern Silver Exploration Corp.
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.