Southern Silver Exploration Corp. (TSXV:SSV,FWB:SEG) has closed the first tranche of its previously reported non-brokered private placement by issuing 6,417,000 units at a price of $0.15 per unit for gross proceeds of $962,550.
As quoted in the press release:
Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of two years at an exercise price of $0.20 per share.
Securities issued pursuant to this tranche of the private placement, including common shares, share purchase warrants and finder’s warrants issued as finder’s fees, carry a legend restricting trading of the securities until April 6, 2012. The private placement and finder’s fees are subject to regulatory approval.