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South American Silver Corp.(TSX:SAC) announced that it has closed the final tranche of its $16 million private placement. The final tranche of $9.6 million was paid on the placement which was announced on April 16, 2012.
South American Silver Corp.(TSX:SAC) announced that it has closed the final tranche of its $16 million private placement. The final tranche of $9.6 million was paid on the placement which was announced on April 16, 2012.
As quoted in the press release:
The Offering is a strategic investment by a number of Asian based high technology investors, materials manufacturers, and indium/gallium end users from Taiwan, Hong Kong, Japan and Korea. The proceeds of the Offering will go toward the advancement of the Company’s Malku Khota silver-indium-gallium project in Bolivia and the Escalones copper-gold project in Chile and for general corporate purposes.
Southern Silver, President and CEO, Greg Johnson, said:
We are pleased with the strong interest from these Asian based high technology manufacturers and investors to facilitate the rapid advancement of one of the world’s largest silver, indium and gallium projects. The Malku Khota project is anticipated to become an important new, long life, low cost, Western source of these strategic metals, which are critical for the manufacturing of flat panel displays, LED lighting and thin film solar panels. Bolivia is already one of the largest producers of indium outside of mainland China, supplying material to Japan, Korea and North America. With Malku Khota targeted to produce 10% or more of the global indium and gallium supply, the Company may review possible indium/gallium off-take or streaming-type opportunities as a source of project financing during the Feasibility process.
Click here to read the South American Silver Corp. (TSX:SAC) press release
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