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Southern Silver Exploration Corp. (TSXV:SSV) announced plans to issue up to 12,000,000 units in a non-brokered private placement at a price of $0.05 per Unit to raise $600,000.
Southern Silver Exploration Corp. (TSXV:SSV) announced plans to issue up to 12,000,000 units in a non-brokered private placement at a price of $0.05 per Unit to raise $600,000. Each Unit will consist of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.08 per share.
As quoted in the press release:
Southern Silver has arranged an initial subscription from Electrum Global Holdings L.P. (“Electrum”) to purchase 6,000,000 units.
Exploration on the company’s flagship Cerro Las Minitas property, Durango Mexico is funded by Electrum through a US$5.0M option on the property, with Southern Silver acting as operator.
Final results of the US$2.0M, 2015 program are currently being reviewed in preparation for the 2016 exploration program on the property. These results continue to extend the projections of high-grade silver- polymetallic mineralization at both the Blind – El Sol zones and the recent discovery at the Mina La Bocona zone.
A total of 87 drill holes for 32,410 metres have now been completed on the Cerro Las Minitas project with exploration expenditures of approx. US$7.5 million spent to date.
Net proceeds from the private placement will be used for working capital and costs associated with claim maintenance, permitting and other exploration expenses. Specifically, some proceeds will be applied towards the assessment of the Oro property in New Mexico. Surface exploration consisting of prospecting and trenching is planned to resolve targeting prior to permitting the next phase of drilling on the project.
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