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

- July 20th, 2010

South American Silver Corp. (TSE:SAC)announced that it has closed 1,040,000 units, for gross proceeds of $655,200, of its previously announced bought deal private placement of an aggregate of 6,350,000 units, priced at $0.63 per Unit, bringing the aggregate gross proceeds to date to $4,000,500.

South American Silver Corp. (TSX:SAC)announced that it has closed 1,040,000 units, for gross proceeds of $655,200, of its previously announced bought deal private placement of an aggregate of 6,350,000 units, priced at $0.63 per Unit, bringing the aggregate gross proceeds to date to $4,000,500.

The press release is quoted as saying:

Each Unit is comprised of one common share (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each whole warrant will be exercisable to purchase one common share of the Company for a period of 24 months from July 15, 2010 at a price of $0.95. In the event that the common shares of the Company trade on the Toronto Stock Exchange (the “TSX”) at a price not less than $1.25 for a period of 10 consecutive trading days following the closing of the Offering, the Company shall be entitled to accelerate the exercise period of the Warrants to a period ending at least 30 days from the date notice of such acceleration is provided to the holders of Warrants.

Click here to access the entire press release

Click here to access South American Silver Corp. Corporate Site

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