Southern Silver Closes Both C$10 Million Brokered and C$4 Million Non-Brokered Private Placements

Southern Silver

Southern Silver Exploration Corp. (“Southern Silver” or the “Company”) reports that, in conjunction with the previously announced Transaction (as defined below) to acquire an additional 60% indirect working interest (for a 100% indirect ownership interest) in the Company’s flagship Cerro Las Minitas project, it has closed  the C$10 Million brokered offering of subscription receipts (the “Brokered Subscription Receipts”) and has issued a total of 50,000,000 Brokered Subscription Receipts at a price of C$0.20 per Brokered Subscription Receipt for gross proceeds of C$10,000,000 (the “Brokered Offering”) and has closed the non-brokered C$4 Million private placement of subscription receipts (the “Non-Brokered Subscription Receipts”) and has issued a total of 19,047,620 Non-Brokered Subscription Receipts at a price of C$0.21 per Non-Brokered Subscription Receipt for gross proceeds of C$4,000,000 (the “Non-Brokered Offering”, and together with the Brokered Offering, the “Offerings”). The Brokered Offering was led by Red Cloud Securities Inc. (“Red Cloud”) on behalf of a syndicate of agents (together with Red Cloud, the “Agents”). The Offerings included a lead order from Palisades Goldcorp Ltd. for $1.0 million.

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