Hi Ho Silver Resources Inc. (“Hi Ho Silver” or the “Company”) is pleased to announce that it has closed the first tranche of its private placement, consisting of 586,100 units of the Company’s securities at $0.55 per unit, raising a total of $322,355.00. Each unit consists of one common share and one-half of one non-transferable share purchase warrant whereby each whole warrant entitles the holder to purchase an additional common share for a one year period following the closing at $0.90 per share. In connection with the financing, the company has agreed to pay John Percival of Australia a 10% finders fee on 440,000 units placed by Mr. Percival, which finder’s fee is payable in units at a deemed price of $0.55 per unit. Each finder’s fee unit consists of one common share and one-half of one non-transferable share purchase warrant, whereby each whole warrant entitles the holder to purchase an additional common share for a one year period at $0.90 per share. The President & CEO, Fred Fisher purchased 50,000 units of this offering.
The company is awaiting results from an eight hole drill program completed December 16, 2007, which are expected shortly. The Company’s independent mining engineer is continuing to compile an updated 43-101 resource calculation which will be made public upon receipt.
For more information contact:
Fred Fisher, President/CEO and/or Isabel Alves, Investor Relations
Tel: (905) 602 4653
Email: info@hhsr.ca
Website at: www.hhsr.ca
Signed,
HI HO SILVER RESOURCES INC.
“Fred Fisher”
Fred Fisher,
President & C.E.O.
Investors are invited to visit the Hi Ho Silver Resources IR Hub at http://www.agoracom.com/ir/hiho where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to hiho@agoracom.com where they can also request to be added to the investor e-mail list in order to receive
all future press releases and updates in real time.
3045 SOUTHCREEK RD. UNIT 11 MISSISSAUGA, ON L4X 2E9
TEL: 905.602.4653 FAX: 905.602.4656 INFO@HHSR.CA WWW.HHSR.CA
The CNQ Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. RESIDENTS
Forward-Looking Information:
This release may include certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve or resource potential, exploration drilling, exploitation activities and events or developments that Hi Ho Silver Resources Inc. (the "Company") expects to occur, are forward-looking statements. Such statements are identified in this release by the use of words such as "will" and "expected" as well as the use of the future or conditional tense. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
