Silver Sun announces $1,100,000 non-brokered private placement
Vancouver, British Columbia (April 3rd, 2012) -- Silver Sun Resource Corp. ("Silver Sun" or the "Company") announces the commencement of a non-brokered private placement offering of up to 5,500,000 units (each, a "Unit") at a price of $0.20 per unit for gross proceeds of up to $1,100,000 (the "Offering"). Under the terms of the Offering each unit will consist of one common share in the capital of the Company (each, a "Share") and one non-transferable common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to purchase one additional common share of the Company (each, a "Warrant Share") for a period of five years from the date of issue, at a price of $0.30 per Warrant Share during the first year, at a price of $0.40 per Warrant Share during the second year, at a price of $0.50 per Warrant Share during the third year, at a price of $0.75 per Warrant Share during the fourth year and at a price of $1.00 per Warrant Share during the fifth year.
Silver Sun intends to use the proceeds of the private placement for expansion of the Cherry Hill Gold mine in Siskyou County, California, general working capital and corporate purposes. The Offering will be conducted on a non-brokered basis and Silver Sun may pay a finder's fee in cash and/or warrants in connection with the Offering.
Closing of the Offering is subject to customary conditions including TSX Venture Exchange approval. Any securities issued pursuant to the Offering will be subject to a hold period of four months and one day after closing of the offering under applicable Canadian securities laws. The Warrants will also be restricted securities subject to these restrictions. |
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