Southern Silver Exploration Corp (TSX-V: SSV; “Southern”) reported today that the Company has received approval from the TSX Venture Exchange to extend the final closing date of its previously announced brokered private placement (the “Offering”) until September 15th, 2017. As announced on June 13th, 2017, the Company has already closed the first tranche of the Offering by issuing 6,372,500 units (“Units”) for a total of $2,549,000.
The Offering, which was initially announced on May 18th, 2017, consists of up to 12,500,000 Units at a price of $0.40 per Unit for a total of $5,000,000, with an over-allotment option to increase the Offering by up to 15%. Each Unit consists of one share of common stock of the Company and one common share purchase warrant (each a “Warrant”) (together the “Securities”), with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.55 per share for a period of three years