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South American Silver Corp. (TSX:SAC) announced that it has closed the first tranche of $6.4 million, of its $16 million private placement Offering of 10 million Units of the Company announced 16 April 2012. The offering was priced at $1.60 per Unit, which represented a 6% premium to the 5 day volume weighted average trading price of the Company’s common shares at the time the Toronto Stock Exchange accepted notice of the transaction. A final closing is anticipated on or before May 11, 2012 for the remainder of the Offering.
As quoted in the press release:
The Offering is a strategic investment by a number of Asian based high technology investors, materials manufacturers, and indium/gallium end users from Taiwan, Hong Kong, Japan and Korea. The proceeds of the Offering will go toward the advancement of the Company’s Malku Khota silver-indium-gallium project in Bolivia and the Escalones copper-gold project in Chile and for general corporate purposes.
Click here to read the South American Silver Corp. (TSX:SAC) press release
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