|Electrum Global Holdings L.P.|
March 08, 2016 17:00 ET
NEW YORK, NEW YORK–(Marketwired – March 8, 2016) – Electrum Global Holdings L.P. (“Electrum“) announces that it acquired ownership of 6,000,000 units (the “Units“) of Southern Silver Exploration Corp. (“Southern Silver“). Each Unit consists of one common share (“Shares“) in the capital of Southern Silver and one common share purchase warrant (“Warrants“) entitling the holder(s) thereof to purchase one additional common share (a “Warrant Share“) at an exercise price of CAD$0.08 per Warrant Share at any time prior to March 4, 2021. The Units were acquired in the first tranche of a treasury private placement which closed on March 4, 2016.
Electrum owns 30,884,593 Shares representing 49.73% of the issued and outstanding Shares. Electrum also owns Warrants exercisable for 30,884,593 Warrant Shares which, if exercised, would result in Electrum owning approximately 66.43% of the issued and outstanding Shares (assuming exercise of all of the Warrants owned by Electrum and that no other securities convertible into or exercisable for Southern Silver’s securities are converted or exercised).
The Shares and Warrants referred to above are held for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Shares or other securities of Southern Silver whether in the open market, by privately negotiated agreement or otherwise.
Electrum is located at 700 Madison Avenue, 5th Floor, New York, NY, USA 10065. A copy of the early warning report relating to this acquisition can be obtained from Michael Williams (646-365-1600) or on the SEDAR profile of Southern Silver at www.sedar.com.