VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 26, 2016) – Southern Silver Exploration Corp. ("Southern Silver") (TSX VENTURE:SSV)(FRANKFURT:SEG1)(SSE:SSVCL) announces that it has closed its previously reported non-brokered private placement by issuing 11,000,000 Units at a price of $0.10 per unit for gross proceeds of $1,100,000. Each unit consisted of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.15 per share.
Net proceeds from the private placement will be used for working capital and costs associated with claim maintenance, permitting and other exploration expenses. Specifically, some proceeds will be applied towards the assessment of the Oro property in New Mexico. Surface exploration consisting of prospecting and trenching is planned to resolve targeting prior to permitting the next phase of drilling on the project.
Finders' fees and commissions may be paid by Southern Silver in relation to this Offering.
On behalf of the Board of Directors
Lawrence Page, Q.C., President & Director, Southern Silver Exploration Corp.
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.
This news release may contain forward-looking statements. 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. Factors that could cause actual results to differ materially from those in forward looking statements include 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.
Original Article: http://www.marketwired.com/press-release/southern-silver-closes-11-million-non-brokered-financing-tsx-venture-ssv-2128789.htm
