June 23, 2021
Southern Silver Exploration Corp. (TSXV:SSV, BUY, C$0.65 target, Timothy Lee) closed a non-brokered private placement for 6,000,000 units at C$0.50/unit for gross proceeds of C$3M. Each unit consists of one common share and one half warrant, with each warrant exercisable at C$0.75 within two years of closing. As a result of the completion of the private placement and the previously announced C$9M bought deal placement, the company has raised total gross proceeds of C$12M. The net proceeds are planned to be used for 1) exploration and advancement costs of the company’s Cerro Las Minitas Ag-Pb-Zn project located in Durango State, Mexico including a mineral resource update on the project scheduled for Q4/21, 2) new green field drilling on the recently acquired El Sol claim (NR-03-20), located adjacent to the Cerro Las Minitas claim and 2km W-NW of the Mina La Bocona target, 3) additional exploration drilling on the company’s Oro Cu-Mo-Au porphyry project located in southern New Mexico, scheduled to commence in Q4/21, and 4) general working capital purposes. We highlighted high-grade drilling results at the company’s CLM project in our recent note. Read more
