07:15:40 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Silver Shield Resources Corp (2)
Symbol SSR
Shares Issued 14,040,658
Close 2015-12-04 C$ 0.02
Market Cap C$ 280,813
Recent Sedar Documents

Silver Shield arranges $4-million in private placements

2016-02-08 10:48 ET - News Release

Mr. Frank Kordy reports

SILVER SHIELD RESOURCES CORP., ANNOUNCES BOTH A NON-BROKERED PRIVATE PLACEMENT OF UP TO THREE MILLION DOLLARS CDN BY ISSUANCE OF SERIES "A" PREFERRED SHARES AND A CONCURRENT NON-BROKERED COMMON SHARES PRIVATE PLACEMENT OF UP TO ONE MILLION DOLLARS CDN BY ISSUANCE OF UNITS

Silver Shield Resources Corp. has commenced a non-brokered private placement financing to raise a maximum of $3-million by sale of 300,000 Series A preferred shares at a price of $10.00 per share. The Series A preferred shares will pay up to an 8-per-cent annual dividend to the holders of the preferred shares. Furthermore, holders of the preferred shares will also see 25 per cent of aftertax realized gains on any capital dispositions. No special voting rights will be granted to the holders of the preferred shares. In connection with the preferred share offering, a finder's fee may be paid consisting of a cash commission equal up to 8 per cent of the gross proceeds raised under the offering.

In conjunction to the preferred share private placement offering, the corporation is simultaneously conducting a non-brokered common share private placement financing to raise a maximum of $1-million via the sale of 10 million units of the corporation at a price of 10 cents per unit. Each unit comprises one common share of the corporation and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share of the corporation for 15 cents for a period of 36 months from the closing date. The common shares and warrants of this placement are subject to a four-month-and-one-day statutory hold period. Furthermore, management would like to remind investors that the corporation's private placement that was announced on Dec. 7, 2015, closed on Dec. 31, 2015, and that both private placements that have been announced today are new offerings.

In connection with the common share offering, a finder's fee may be paid consisting of a cash commission equal up to 8 per cent of the gross proceeds raised under the offering and that number of non-transferable finder's fee warrants as are equal up to 8 per cent of the number of shares. Each finder's fee warrant will be exercisable into one common share of the corporation at 15 cents per share for a period of 12 months from the closing date.

Both placements are expected to close on, or before, March 8, 2016, and both placements are subject to applicable regulatory approvals, including that of the Canadian Securities Exchange.

Net proceeds of the financings will be used for strategic acquisitions, business development and for working capital purposes.

We seek Safe Harbor.

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