Silver Standard CLOSEs $16.8 MILLION Private Placement
May 10, 2002 News Release 02-09
Trading Symbols:
Nasdaq SmallCap: SSRI
TSX Venture: SSO
Berlin: 858840
Silver Standard CLOSEs $16.8 MILLION Private Placement
Vancouver, B.C. -- Silver Standard Resources Inc. is pleased to report today the closing of a C$16,800,000 private placement of 4,200,000 units at a price of C$4.00 per unit. Each unit consists of one common share
and one common share purchase warrant. Each warrant is exercisable on payment of C$4.80 into one common share of Silver Standard for two years from the date of closing.
The common shares and any shares issued on payment of finder's fees or exercise of warrants are subject to a four-month hold period that expires at midnight, September 10, 2002.
Silver Standard now has over C$22 million (C$0.60 per share) in working capital. Near-term uses of proceeds include drilling expected to commence shortly at Challacollo in Chile and San Marcial in Mexico,
with further drilling planned in the fall at Bowdens in Australia and Manantial Espejo in Argentina. In addition, the company will continue to acquire silver-dominant projects to increase shareholder leverage to silver.
Silver Standard is a well-financed and significant silver resource company with core projects located in Argentina, Chile, Australia, United States and Mexico.
- 30 -
For further information, contact:
Robert A. Quartermain, President
Silver Standard Resources Inc.
Vancouver, B.C.
(604) 689-3846
or
Paul LaFontaine, Director, Investor Relations
N.A. toll-free: (888) 338-0046
Direct: (604) 484-8212
E-Mail: invest@silverstandard.com <mailto:invest@silver-standard.com> |
