Southern Silver Exploration Corp. (TSXV:SSV,FWB:SEG) closed the first tranche of its non-brokered private placement for gross proceeds of $400,100. A total of 8,002,000 units were issued at a price of $0.05 per unit. The Company also entered into an option agreement with Desert Star Resources Ltd. who can earn up to a 70-per-cent interest in Southern Silver’s Oro Project.
As quoted in the press release:
In accordance with the terms of the option agreement, Desert Star paid to Southern Silver $75,000 upon execution of the agreement. The option agreement provides that Desert Star can earn an initial undivided 51-per-cent interest in the Oro project by making an additional cash payment of $150,000 by Aug. 1, 2013, and, over a period of 42 months after approval of the option agreement by the TSX Venture Exchange, incurring exploration expenditures totaling $3-million and issuing one million common shares of Desert Star to Southern Silver.
Silver Demand Forecast And Silver Stocks To Buy
Click here to discover what the experts see coming in 2016 and beyond with our INN Insider's Report (value of $49) for FREE. Limited time offer. No credit card required.