Southern Silver Exploration Corp. (“Southern Silver”) reported today that its previously announced non-brokered private placement is oversubscribed. Southern Silver now plans to issue up to a total of 25 million units at a price of $0.10 per unit to raise gross proceeds of up to $2,500,000. Each unit will consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share at an exercise price of $0.20 per share for a period of two years.
On October 27, 2010 Southern Silver closed the first tranche of the private placement by issuing 9,900,000 units for gross proceeds of $990,000. The second tranche of the private placement is expected to close shortly.
The proceeds from the private placement will be utilized to fund exploration projects on the Oro, San Luis and Cerro Las Minitas properties as well as for working capital. Finder’s fees may be payable. The private placement and finder’s fees are subject to regulatory approval.
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 email@example.com.
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.