Silver
Standard announces public offering of common shares
VANCOUVER, Aug. 11,
2009 (Canada NewsWire via COMTEX News Network) -- Silver Standard Resources
Inc. (TSX:SSO)(NASDAQ:SSRI) has filed a preliminary prospectus supplement to
its existing short form base shelf prospectus with the securities commissions
in each of the provinces of Canada, other than Quebec, Newfoundland and
Labrador and Prince Edward Island, and has made a similar filing with the
United States Securities and Exchange Commission in connection with a public
offering of its common shares to raise gross proceeds of approximately US$46
million (the "Offering").
The company will also
grant to the underwriters of the Offering an option, exercisable for a period
of 30 days following the closing of the Offering, to purchase additional
common shares for additional gross proceeds of up to approximately US$4.6
million.
The company intends to
use the net proceeds from the Offering to fund the 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. will act as lead manager and sole book runner of the Offering.
A copy of the
preliminary prospectus supplement and the 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 preliminary
prospectus supplement and the corresponding filing in the United States, the
proposed 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
negotiate an underwriting agreement with the underwriters and to satisfy the
conditions set forth therein; the need to satisfy regulatory and legal
requirements with respect to the proposed offering; the company's ability to
raise sufficient capital to fund development; changes in economic conditions
or financial markets; 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.
Silver Standard Resources Inc., Robert A. Quartermain, President & CEO, (604)
689-3846; Silver Standard Resources Inc., Paul LaFontaine, Director, Investor
Relations, N.A. Toll Free: 1-888-338-0046 or Direct: (604) 484-8212, Email:
invest@silverstandard.com, Website: www.silverstandard.com