Southern Silver amends and increases private placement
Southern Silver Exploration Corp. (TSX VENTURE:SSV)(FRANKFURT:SEG) ("Southern Silver") reported today that it has increased its previously announced private placement (see news release NR-07-11) and now plans to issue up to 23,530,000 units in a non-brokered private placement at a price of $0.17 per unit to raise $4,000,100. Each unit will now consist of one common share and one whole share purchase warrant. Each warrant will be exercisable to purchase one additional common share for a period of two years at an exercise price of $0.22 per share.
The proceeds from the private placement will be utilized for exploration and property maintenance expenses incurred on the Cerro Las Minitas and Minas de Ameca projects in Mexico and the Oro project in the USA and for working capital. Specifically, Southern Silver intends to expand its current exploration program on its Cerro Las Minitas project in Mexico to develop mineralization identified though geophysical surveys and diamond drilling. The proposed expanded exploration program shall consist of up to 10,000 metres of diamond drilling in up to 30 drill holes to test high-grade targets in a +40 metre thick skarn horizon adjacent to a central causative intrusion. Additional drill holes will test for high-grade silver veins, under gravel cover, outboard of the intrusive.
Finder's fees may be payable. The private placement and finder's fees are subject to regulatory approval.