SNS Silver Announces Update on Private Placement
VANCOUVER, BRITISH COLUMBIA, Oct 16, 2009 (MARKETWIRE via COMTEX News Network) --
SNS Silver Corporation ("SNS" or the "Company") (TSX VENTURE: SNS) announces that it is continuing with its non-brokered private placement previously announced on August 7, 2009. The Company closed a portion of the private placement on August 27th for gross proceeds of $404,000 and expects to close on the remaining poritio of the private placement in the coming weeks for proceeds of up to $600,000. The private placement consists of units at a price of $0.10 per Unit. Each unit will consist of one common share and one non-transferable warrant. Each warrant will be exercisable to acquire one additional share for a period of 24 months from closing at an exercise price of $0.20.
The proceeds from the private placement will be used for completion of the scoping study on the Crescent Mine and for general working capital purposes. Funds raised may include up to a 10% finder's fees in cash or shares.
The private placement is subject to acceptance for filing by the TSX Venture Exchange.
SNS Silver Corporation (TSX VENTURE: SNS) is an exploration mining company, whose assets include a number of near term production projects in geopolitically secure Idaho, USA. The 100% owned Crescent Mine consists of 24 patented mining claims over approximately 350 acres. These adjacent properties operated independently to produce nearly 400 million ozs of silver historically and their recent merger is expected to enhance exploration opportunities on their once disputed boundary.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: SNS Silver Corp. David Greenway (604) 689-0896 or Toll Free: 1-800-663-4567 dg@snssilver.com www.snssilver.com
SOURCE: SNS Silver Corp.
mailto:dg@snssilver.com http://www.snssilver.com
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