South American Silver Corp. Announces First Closing of Previously Announced $4.0 Million Bought Deal Private Placement Financing

South American Silver Corp. (TSX:SAC) announced that it has closed 5,310,000 units, for gross proceeds of $3,345,300, of its previously announced bought deal private placement of an aggregate of 6,350,000 Units, priced at $0.63 per Unit, for gross proceeds of $4,000,500.

The press release is quoted as saying:

A second closing is anticipated to occur on or about July 19, 2010 for the remainder of the Offering. The Corporation has extended the period pursuant to which the Underwriters may exercise their option (the “Underwriters’ Option”) to increase the size of the Offering to July 23, 2010.

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