Argentum Closes First Tranche of Non-Brokered Financing
24.05.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - May 24, 2011) - Argentum Silver Corp. (TSX VENTURE: ASL) ("Argentum" or the "Company") announces that it closed the first tranche of its non-brokered private placement announced on May 20, 2011. The first tranche consisted of 10,224,542 units at a price of $0.35 per unit for total gross proceeds of $3,578,590.The units each consist of one common share and one-half of one share purchase warrant. Each whole warrant (the "Warrants") will be exercisable for one additional common share at a price of $0.50 until May 20, 2012.
Argentum agreed to pay qualified parties a finder's fee in cash equal to 7% of the total proceeds invested by subscribers introduced to Argentum by such parties, subject to the approval of the TSX Venture Exchange (the "Exchange"). Each qualified finder will also receive a non-transferable warrant (the "Finder's Warrant") entitling them to purchase that number of Argentum common shares equal to 7% of the total number of Units purchased by subscribers introduced to Argentum by such parties. Each Finder's Warrant will have terms and conditions similar to that of the Warrants issued under the private placement. In connection with the closing of the first tranche, Argentum has agreed to pay a total of $224,923 in cash and issue 622,156 Finder's Warrants.
All securities issued with respect to the first tranche of the placement are subject to a four month hold period expiring on September 21, 2011, in accordance with the policies of the Exchange and the provisions of the Securities Act (British Columbia).
About Argentum Silver
Argentum holds the right to acquire a 100% interest in the Lachiguiri, Silacayoapan and Nino Perdido properties, all located in Oaxaca, Mexico, under an option agreement with Arco Resources Corp. Argentum also has an option to earn a 100% interest from Soltoro Ltd. in the Victoria and Coyote silver-gold projects located in Jalisco, Mexico. For further information, please go to www.argentumsilvercorp.com.
On behalf of the Board of Directors of Argentum Silver Corp.
"Warren McIntyre"
Warren McIntyre
President and Chief Executive Officer
Argentum Silver Corp.
This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Argentum relies upon litigation protection for forward-looking statements.
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.
Contact Information
Argentum Silver Corp.
Ian Tootill
Director of Investor Relations
604.661.2110
ian@argentumsilvercorp.com
www.argentumsilvercorp.com