Southern Silver Announces Oversubscribed Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/24/10 -- Southern Silver Exploration Corp. ('Southern Silver') (TSX VENTURE: SSV)(FRANKFURT: SEG) 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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Southern Silver Exploration Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
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.
Contacts:
Southern Silver Exploration Corp.
Liana Shahinian
1-888-456-1112 / 604-641-2773
liana@mnxltd.com
www.southernsilverexploration.com