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Southern Silver Exploration Corp. (TSXV:SSV) announced the closing o its previously announced non-brokered private placement for $1,000,000, with each unit consisting of one common share without par value in the capital of the Company and one common share purchase warrant. Each Warrant entitles the holder to purchase one Share at a price of CDN$0.15 per Share for 5 years.
As quoted in the press release:
The Offering was made in accordance with the provisions of BC Instrument 45-534 – Exemption from prospectus requirement for certain trades to existing security holders and in accordance with the provisions of various corresponding blanket orders and rules of other Canadian jurisdictions that have adopted the same or a similar exemption from prospectus requirement. Electrum Global Holdings L.P., an existing shareholder of the Company, subscribed for 9,000,000 Units in the Offering.
The Offering is subject to regulatory approval. The proceeds of the Offering are intended to be used by the Company for payment of accrued liabilities and for working capital. Securities issued pursuant to this private placement carry a legend restricting trading of the securities until October 27, 2015.
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