First Tranche of Private Placement Closed

Southern Silver Exploration Corp. (TSXV:SSV,FWB:SEG) has closed the first tranche of its previously reported non-brokered private placement by issuing 6,417,000 units at a price of $0.15 per unit for gross proceeds of $962,550.

As quoted in the press release:

Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of two years at an exercise price of $0.20 per share.

Securities issued pursuant to this tranche of the private placement, including common shares, share purchase warrants and finder’s warrants issued as finder’s fees, carry a legend restricting trading of the securities until April 6, 2012. The private placement and finder’s fees are subject to regulatory approval.

Click here to read the Southern Silver Exploration Corp. (TSXV:SSV,FWB:SEG) press release

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