Silver
Standard Announces Exercise of Over-Allotment Option
VANCOUVER, BRITISH
COLUMBIA, Feb 15, 2010 (Marketwire via COMTEX News
Network) -- Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) ("the
Company") reports that the underwriters of its recently announced public
offering (the "Offering") have exercised in part their
over-allotment option and will purchase an additional 846,402 common shares
at US$17.00 per share. The option was granted pursuant to the Offering of
approximately 5.9 million common shares, at an offering price of US$17.00 per
share, which is expected to close on February 18, 2010. The gross proceeds
from the exercise of the over-allotment option will total approximately
US$14.4 million, increasing the size of the Offering to approximately
US$114.4 million.
The Company intends to
use the net proceeds from the Offering to fund the exploration on and
development of mineral properties, for working capital requirements, to repay
indebtedness outstanding from time to time or for other general corporate
purposes.
UBS Securities Canada
Inc. is acting as lead manager and sole book runner of the Offering. BMO
Capital Markets, CIBC World Markets, Credit Suisse, Dahlman
Rose & Company, Deutsche Bank Securities, Morgan Stanley, Scotia Capital,
Griffiths McBurney Corporation, National Bank
Financial Inc. and Salman Partners Inc. (or their
respective affiliates) acted as co-managers on the Offering.
A copy of the final
prospectus supplement and the amended and restated short form base shelf
prospectus may be obtained in Canada from UBS Securities Canada Inc. at 161
Bay Street, Suite 4100, Toronto, Ontario M5J 2S1 (416-364-2201 telephone) or
in the United States from UBS Securities LLC at 299 Park Avenue, New York, NY
10171 (212-821-3000 telephone).
This news release
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of these securities in
any state in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state.
Forward Looking
Statements: Statements in this news release relating to the final prospectus
supplement and the corresponding filing in the United States, the closing of
the Offering and the anticipated use of proceeds are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995 and forward-looking information within the meaning of Canadian
securities laws (collectively, "forward-looking statements"). Forward-looking
statements are statements that are not historical facts and that are subject
to a variety of risks and uncertainties which could cause actual events or
results to differ materially from those reflected in the forward-looking
statements. Such risks and uncertainties include, but are not limited to, the
need to satisfy the conditions set forth in the underwriting agreement
relating to the offering; the need to satisfy regulatory and legal
requirements with respect to the offering; the Company's ability to raise
sufficient capital to fund development; changes in economic conditions or
financial markets; uncertainty of production and cost estimates for the Pirquitas Mine; the Company's history of losses and
expectation of future losses; changes in prices for the Company's mineral
products or increases in input costs; litigation, legislative, environmental
and other judicial, regulatory, political and competitive developments in
Argentina, Australia, Canada, Chile, Mexico, Peru, the United States and
other jurisdictions in which the Company may carry on business; technological
and operational difficulties or inability to obtain permits encountered in
connection with exploration and development activities; labour relations
matters; and changing foreign exchange rates, all of which are described more
fully in the Company's filings with the Securities and Exchange Commission. The
Company does not intend, and does not assume any obligation, to update any
forward-looking statements, other than as required by applicable law.
(SOURCE: Silver
Standard Resources Inc.)
SOURCE: Silver
Standard Resources Inc.
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. Toll Free: 1-888-338-0046 or Direct: (604) 484-8212
invest@silverstandard.com
www.silverstandard.com