Southern Silver Exploration Corp. (TSX-V:SSV) (FRANKFURT:SEG) has closed its previously announced non-brokered private placement by issuing 10,000,000 units of the Company at a price of CDN$0.10 per Unit to raise $1,000,000. Each Unit consists 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.
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.
No Registration in the United States
The securities described above have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. Person (as defined in Regulation S of the Securities Act) or person in the United States, unless an exemption from such registration requirements is available. Certain shareholders in the United States were permitted to participate in the Offering upon verification by the Company that such shareholders are accredited investors (as defined in Regulation D of the Securities Act).
Crews have mobilized and surface exploration is underway for the US$2 million, 2015 exploration program on the Cerro Las Minitas property which will target both known zones of mineralization and new discoveries on the property. Soil and reconnaissance sampling has now started and diamond drilling is anticipated to begin in early July.
Soil sampling in the area of the Cerro has extended sample coverage outboard of the known areas of mineralization and now covers several geophysical anomalies outlined in earlier surveys. Approximately 300 samples have been collected and submitted for analyses; assays are pending.
Southern Silver is continuing with the systematic evaluation of previously identified biogeochemical anomalies throughout the 137 square kilometre, largely gravel covered property. Initial soil sampling is completed over the Western biogeochemical anomalies and reconnaissance and further sampling is proceeding over the Eastern anomalies and in several key areas along the 25 kilometre strike-length.
Up to 10,000 metres of core drilling is planned as part of the 2015 exploration program. Drilling will start in early July with six holes initially targeting the Blind and El Sol mineralized zones. Further drilling will test for new zones of mineralization on the margins of the Central Monzonite Intrusion including the area of Mina La Bocona and the North Skarn zone and will test other geophysical and geochemical targets outboard of the Central Intrusion.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is a precious and base metal exploration and development company with a focus on mineral deposits in north-central Mexico and the southern USA. The Company engages in the acquisition, exploration and development either directly or through joint venture relationships in mineral properties in jurisdictions including the Cerro Las Minitas silver-lead-zinc project located in Durango, Mexico and the Oro porphyry copper-gold project located in southern New Mexico, USA.
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