Southern Empire Closes $4 Million Private Placement Financing
SOUTHERN EMPIRE RESOURCES CORP.
TSX-V: SMP
Frankfurt: 5RE
NEWS RELEASE
June 12, 2020
Southern Empire Closes $4 Million Private Placement Financing
Southern
Empire
Resources
Corp.
(“Southern
Empire”;
TSX-V:
SMP;
Frankfurt:
5RE)
is
pleased
to
announce
it
has
closed
its
previously
announced
non-brokered
private
placement
financing
by
issuing
8,043,861
common
shares
of
Southern
Empire
(each
a
“Share”)
at
a
price
of
$0.50
per
Share
for
gross
proceeds
of
$4,021,930 (the “Offering”).
The
net
proceeds
from
the
Offering
will
be
used
to
continue
exploration
programs
on
the
Oro
Cruz
and
Eastgate
gold
projects,
for
the
potential
acquisition
of
new
exploration
and
development
projects
and
to
provide working capital for general corporate purposes.
Southern
Empire
CEO
and
Director,
Dale
Wallster,
states,
“We
appreciate
the
strong
interest
in
this
oversubscribed
financing.
Southern
Empire
is
currently
drilling
at
Eastgate
and
we
look
forward
to
keeping
you updated as we advance our two excellent gold projects.”
The
Shares
will
be
subject
to
restrictions
on
resale
until
October
12,
2020.
Southern
Empire
paid
qualified
finders a fee of $133,328 and issued 116,800 shares to qualified finders pursuant to the Offering.
Subsequent
to
the
Offering,
Southern
Empire
will
have
50,906,800
common
shares
issued
and
outstanding.
The
securities
being
offered
have
not,
nor
will
they
be
registered
under
the
United
States
Securities
Act
of
1933,
as
amended,
and
may
not
be
offered
or
sold
within
the
United
States
or
to,
or
for
the
account
or
benefit
of,
U.S.
persons
in
the
absence
of
U.S.
registration
or
an
applicable
exemption
from
the
U.S.
registration
requirements.
This
release
does
not
constitute
an
offer
for
sale
of
securities
in
the
United
States.
About Southern Empire Resources Corp.
Southern
Empire
is
focused
on
the
acquisition,
exploration
and
development
of
gold
deposits
in
North
America, currently with two projects in the American southwest.
In
the
Cargo
Muchacho
mountains
of
Imperial
County,
southeast
California,
Southern
Empire
holds
an
option
to
acquire
a
75%
interest
in
the
approximately
2,160
hectare
(5,338
acre)
Oro
Cruz
Property
located
22.5
km
(14
miles)
southeast
of
the
Mesquite
gold
mine
of
Equinox
Gold
Corp.
With
a
history
that
includes
extensive
drilling
and
large-scale
open
pit
and
underground
mining
that
was
suspended
during
the
gold
market
downturn
in
1996,
the
Oro
Cruz
Gold
Project
hosts
numerous
exploration
targets
in
addition
to
a
high-grade
oxide
gold
zone
that,
based
on
the
historical
mine
records,
is
amenable
to
conventional heap leach extractive methods.
Southern
Empire
also
owns
an
85%
interest
in
the
817
hectare
(2,020
acre)
Eastgate
Gold
Project,
located
81
kilometres
(50
miles)
southeast
of
the
city
of
Fallon
in
Churchill
County,
Nevada.
Southern
Empire's
goal
is
to
expand
on
the
results
from
historical
small-scale
mining
and
Reverse
Circulation
drilling
and
define
a
high-grade
gold/silver
deposit
hosted
by
multiple,
steeply
dipping,
subparallel
low-sulphidation,
quartz-adularia epithermal vein systems occurring on the property.
The
scientific
and
technical
information
contained
in
this
news
release
has
been
prepared,
reviewed
and
approved
by
David
Tupper,
P.Geo.
(British
Columbia),
Southern
Empire’s
VP
Exploration
and
a
Qualified
Person
within
the
context
of
Canadian
Securities
Administrators
National
Instrument
43-101;
Standards
of
Disclosure for Mineral Projects.
On behalf of the Board of Directors,
Dale Wallster, CEO and Director
Southern Empire Resources Corp.
For further information please visit
www.smp.gold
or contact: Lubica Keighery at (778) 889-5476;
Cautionary Notice on Forward-Looking Information
Information
set
forth
in
this
news
release
may
contain
forward-looking
statements
that
are
based
on
assumptions
as
of
the
date
of
this
news
release.
All
statements,
other
than
statements
of
historical
fact,
that
address
activities,
events
or
developments
that
Southern
Empire
expects
or
anticipates
will
or
may
occur
in
the
future
are
forward-looking
statements
that
reflect
management’s
current
estimates,
beliefs,
intentions
and
expectations.
They
are
not
guarantees
of
future
performance.
Southern
Empire
cautions
that
all
forward-looking
statements
are
inherently
uncertain
and
that
actual
performance
may
be
affected
by
a
number
of
material
factors,
many
of
which
are
beyond
Southern
Empire’s
control.
Such
factors
include,
among
other
things:
risks
and
uncertainties
relating
to
Southern
Empire’s
limited
operating
history
and
the
need
to
comply
with
environmental
and
governmental
regulations.
Accordingly,
actual
and
future
events,
conditions
and
results
may
differ
materially
from
the
estimates,
beliefs,
intentions
and
expectations
expressed
or
implied
in
the
forward-looking
information.
Except
as
required
under
applicable
securities
legislation,
Southern
Empire
undertakes
no
obligation
to
publicly
update
or
revise
forward-looking statements or information.
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.