Southern Silver Exploration Corp. (TSX-V: SSV; OTCQB: SSVFF; FSE: SEG1; SSE: SSVCL) has engaged Gravitas Securities Inc. as lead-agent for an offer of up to 12,500,000 units at $0.40 per unit for gross proceeds of up to $5 million.
Southern has arranged an initial subscription from Electrum Global Holdings L.P. to purchase 36% of the total units sold in the offering.
Each unit will consist of one common share and one transferable share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.55 per share.
Net proceeds from this private placement are intended to be used to contribute to the company’s proportionate share (40%) of the costs associated with continuing exploration on the Cerro Las Minitas property near Durango, Mexico together with the Joint Venture partner of the company, Electrum Global Holdings L.P. (60%), and for additional working capital. Further exploration work in 2017 and 2018 is to be funded by the two Joint Venture partners.
Vancouver based Southern Silver Exploration Corp. is a precious metal exploration and development company with a focus on the discovery of world-class mineral deposits in north-central Mexico and the southern USA. Its specific emphasis is the Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico’s Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, San Martin, Naica and Pitarrilla. Its property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA.