Southern Silver Closes Second Tranche of Previously Announced Private Placement
Southern Silver Closes Second Tranche of
Previously Announced Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 13, 2024) - Southern Silver Exploration Corp.
(TSXV: SSV) ("Southern Silver" or the "Company") has closed the second tranche of its previously
reported non-brokered private placement by issuing 5,911,500 units at a price of $0.22 per unit for gross
proceeds of $1,300,530. The Company has now closed two tranches for a total of 15,420,478 units for
gross proceeds of $3,392,505. At final closing, the Company plans to issue up to 20,454,546 units in the
non-brokered private placement (the "Offering") at a price of $0.22 per unit for gross proceeds of $4.5
million. Each unit will consist of one common share and one-half of one warrant. Each whole warrant
entitles the holder thereof to purchase one common share for a period of 3 years at a price of $0.30.
In connection with the Offering, the Company paid finders' fees totalling $7,920 and issued an aggregate
36,000 non-transferable finder warrants for the second tranche, with each finder warrant exercisable to
purchase one common share for a period of 3 years at a price of $0.30 per share. All securities issued
and sold under the second tranche are subject to a hold period expiring December 13, 2024. The
Offering and the payment of finders' fees is subject to TSX Venture Exchange acceptance.
Net proceeds from the private placement will be used for the continued development of the Cerro Las
Minitas (CLM) property, Durango, Mexico and for working capital. Specifically, the Company plans to
initiate a program of resource expansion of up to 6000m of drilling in 11 holes to test shallow targets
along the north side of the Cerro between the North Felsite and Skarn Front deposits. Drilling will start in
early September. Work continues to de-risk the project through the initiation of base-line studies and
continued social engagement.
As currently modelled, the CLM project features a large-Scale underground mining operation with robust
project economics and high gross revenues in a well located and mining friendly jurisdiction in southeast
Durango, Mexico.
For more information on the details of the current economic assessment of the Cerro Las Minitas Project
please refer to news release NR-01-24 dated June 10, 2024.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the units, nor
was there any sale of the units in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The
units offered will not be, and have not been, 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, a U.S. person.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an exploration and development company with a focus on the
discovery of world-class mineral deposits either directly or through joint-venture relationships in mineral
properties in major jurisdictions. Our specific emphasis is the 100% owned 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, Los Gatos, San Martin, Naica and Pitarrilla. We have assembled a team
of highly experienced technical, operational and transactional professionals to support our exploration
efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. Our
property portfolio also includes the Oro porphyry copper-gold project and the Hermanas gold-silver vein
project where permitting applications for the conduct of a drill program is underway, both located in
southern New Mexico, USA.
Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and
supervised directly the collection of the data from the CLM Project that is reported in this disclosure and
is responsible for the presentation of the technical information in this disclosure.
On behalf of the Board of Directors
"Lawrence Page"
Lawrence Page, K.C.
President & Director, Southern Silver Exploration Corp.
For further information, please visit Southern Silver's website at
southernsilverexploration.com
or contact
us at 604.641.2759 or by email at
.
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 contains 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. Forward-looking statements in this
news release include the planned 6,000 m drill program at the CLM property as well as plans to close
a final tranche of the Offering. These statements are based on a number of assumptions, including,
but not limited to, 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 the timing and receipt of government
and regulatory approvals, and continued availability of capital and financing and general economic,
market or business conditions.
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