Mr. Chris England reports
SILVER FIELDS RESOURCES INC. CLOSES PRIVATE PLACEMENT
Silver Fields Resources Inc. has closed its non-brokered private placement announced on Sept. 23, 2009, for the issuance of 2.55 million non-flow-through units at a price of 2.5 cents per unit, and the issuance of 7,418,000 flow-through units at a price of 2.5 cents per unit, to raise total gross proceeds of $249,200.
Each non-flow-through unit consists of one common share and one non-transferable share purchase warrant, with each non-flow-through warrant entitling the holder to purchase one additional common share at a price of five cents per share for a period of one year ending Oct. 23, 2010, and at a price of 10 cents for a further period of two years ending Oct. 23, 2012.
Each flow-through unit consists of one common share and one non-transferable share purchase warrant, with each flow-through warrant entitling the holder to purchase one additional common share at a price of five cents per share for a period of one year ending Oct. 23, 2010, and at a price of 10 cents for a further period of two years ending Oct. 23, 2012.
Finders' fees of $24,970 will be paid in conjunction with this private placement, as well as 835,000 agents' warrants, exercisable at a price of five cents per share for a period of one year ending Oct. 23, 2010, and at a price of 10 cents for a further period of two years ending Oct. 23, 2012. Two progroup members have acquired a total of 900,000 units of this private placement.
The shares and any shares acquired upon the exercise of the warrants are subject to a four-month hold period, which expires Feb. 23, 2010. The net proceeds of the offering will be used in part for general working capital and the flow-through portion of the private placement will be used for qualified Canadian exploration expenditures.
