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Argentum Silver Corp. (TSX VENTURE:ASL) has closed the third and final tranche of its non-brokered private placement of $0.35 units. The units each consist of one common share and one-half of one share purchase warrant. Each whole warrant will be exercisable for one additional common share at a price of $0.50 until June 23, 2012.
All securities issued with respect to the third tranche are subject to a four month hold period expiring on October 24, 2011, in accordance with the policies of the TSX Venture Exchange and the provisions of the Securities Act (British Columbia).
In all, Argentum issued a total of 11,874,042 units under the private placement for gross proceeds of $4,156,090. The first tranche of the private placement closed on May 20th, and consisted of a total of 10,174,542 units. The second tranche closed on May 26th, consisting of 1,649,500 units. The third and final tranche consisted of 50,000 units.
In connection with the closing of the third tranche, Arco has paid a qualified party a finder’s fee in cash equal to 7% of the total proceeds, as well as a non-transferable warrant (the “Finder’s Warrant”) entitling them to purchase that number of Argentum common shares equal to 7% of the number of Units purchased. 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 third tranche, Argentum has paid a total of $1,225 in cash and issued 3,500 Finder’s Warrants.
The proceeds of the private placement will be used to fund exploration and drilling programs at our Lachiguiri property and the Coyote and Victoria properties in Jalisco, Mexico which Argentum has optioned from Soltoro Ltd.
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.
