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Gold/Mining/Energy : Canadian Microcaps
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From: silverbug812/6/2007 7:59:33 AM
   of 817
 
SILVERSTONE (TSE-V: SST) CLOSES $50 M PLACEMENT AT 16% PREMIUM

The $50 million private placement was closed successfully last week at $2.90 and no warrants were involved for Silver Wheaton look-alike Silverstone resources. With the stock now trading at $2.50, I would say the financing was done at especially good terms for the company. Silverstone now has all the cash and creditlines needed to buy their next silver stream without any further dilution.

The stock price has drifted off a bit during some of the most horrendous tax loss selling I have ever seen in the Canadian marketplace. I have seen some stocks absolutely trashed in the last few weeks. Furthermore, silver and gold are well off their highs of past weeks, putting further pressure on the resource stocks. Nevertheless, Silverstone is working hard behind the scenes to bring out the next silver stream purchase deal. No news is not bad news, it means that doing things right sometimes takes more time than expected. Buying SST now is to buy the stock "on sale" before the next news lifts the stock to a higher level. The last silver stream purchase lifted the stock as high as $3.60. I would imagine this next one will exceed the previous highs, conservatively meaning at least a 50% return from present stock price levels.

Silverstone is the world's only junior company following the Silver Wheaton business model. It has signed up about 3 million ounces of silver production which is likely to double to 6 million ounces during the first quarter.
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