Southern Silver Exploration Corp. (SSV.V) has closed the first tranche of its previously announced non-brokered unit private placement by issuing 9,900,000 units at a price of $0.10 per unit for gross proceeds of $990,000. Each unit consisted of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share at a price of $0.20 per share for a period of two years.
Finders’ fees are payable. The private placement and finders’ fees are subject to regulatory approval. All securities issued pursuant to the private placement, including common shares, share purchase warrants and finders’ warrants issued as finders’ fees, carry a legend restricting trading of the securities until February 28, 2011.
The proceeds from the private placement will be utilized to fund exploration projects on the Oro, Cerro Las Minitas and San Luis properties as well as for working capital. Mapping and preparation for a geophysical survey are presently underway at Cerro Las Minitas and a contract has been executed for the conduct of an airborne geophysical survey at Oro to be commenced approximately November 1, 2010 with diamond drilling on both properties to follow results of the geophysical surveys.
It is expected that the second tranche of the $2 million private placement will close on or about November 12, 2010.
On behalf of the Board of Directors
Lawrence Page, President, Southern Silver Exploration Corp.
For further information, please visit the company’s website at southernsilverexploration.com or contact Liana Shahinian at 1.888.456.1112 or by email at firstname.lastname@example.org.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.