Southern Silver Announces Equity Financing for Oro Gold Project Drill Program, New Mexico

Southern Silver Exploration Corp. (TSXV:SSV) announced plans to issue up to 10,000,000 units in a non-brokered private placement at a price of $0.10 per Unit to raise $1,000,000. 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 $0.15 per share.
As quoted in the press release:

Net proceeds from the private placement will be used to fund costs associated with a three phase exploration program on the Oro property in New Mexico and specifically the sediment-hosted near surface Stock Pond gold target. A USD$300,000 exploration program on the project will include initial phases of prospecting and trenching followed by drilling planned for the fall of 2016.
Southern Silver has consolidated the Oro district over the past several years and the Project consists of patented ground, State leases and BLM claims. Since acquisition, Southern Silver has spent USD$1,163,937 on exploration work on areas of the Project to develop porphyry copper, molybdenum, gold deposits.

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