SILVERSTONE
CLOSES $50 MILLION FINANCING
November 27, 2007
Silverstone Resources Corp.
(“Silverstone”) is pleased to announce that it has closed its
previously announced private placement of 17,250,000 common shares
(“Common Shares”) in the capital of Silverstone at a price of
$2.90 per Common Share for aggregate gross proceeds to Silverstone of
approximately $50.0 million (the “Offering”). Capstone Mining
Corp. purchased 3,577,670 Common Shares sold under the Offering to maintain
their 19.9% holding in Silverstone.
Scotia Capital Inc. acted as the lead underwriter on
behalf of a syndicate of underwriters that included PI Financial Corp. (collectively,
the “Underwriters”). As consideration for acting as
underwriters, the Underwriters received a total cash commission of
$2,378,985.42.
The Common Shares will be subject to resale
restrictions until March 28, 2008.
Net proceeds from the offering will be used to repay
debt and for general corporate purposes including potential acquisitions of
silver production.
The securities being offered have not,
nor will they be registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold within the United States or to, or
for the account or benefit of, U.S. persons absent U.S. registration or an
applicable exemption from the U.S. registration requirements. This
release does not constitute an offer or sale of securities in the United
States.
ABOUT SILVERSTONE
Silverstone is a Canadian based public silver mining
company with 100% of its revenue from silver production. More information is
available online at: www.silverstonecorp.com.
For further information about the Company, please
contact:
Chris Tomanik, Telephone: (604) 637-8151 / Facsimile: (604) 688-2180
Email: ctomanik@silverstonecorp.com
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains “forward-looking
information” that is based on Silverstone’s current expectations,
estimates, forecasts and projections. This forward-looking information
includes, among other things, statements with respect to Silverstone’s mineral
discoveries, plans, outlook and business strategy. The words
“may”, “would”, “could”,
“should”, “will”, “likely”,
“expect,” “anticipate,” “intend”,
“estimate”, “plan”, “forecast”,
“project” and “believe” or other similar words and
phrases are intended to identify forward-looking information.
Forward-looking
information is subject to known and unknown risks, uncertainties and other
factors that may cause Silverstone’s actual results, level of activity,
performance or achievements to be materially different from those expressed
or implied by such forward-looking information. Such factors include, but are
not limited to: projected sales or production rates; uncertainties related to
drilling results; the ability to raise sufficient capital to fund exploration;
changes in economic conditions or financial markets; changes in prices for
costs; litigation, legislative, environmental and other judicial, regulatory,
political and competitive developments; technological or operational
difficulties or inability to obtain permits encountered in connection with
exploration activities; and labor relations matters.
This list is
not exhaustive of the factors that may affect our forward-looking
information. These and other factors should be considered carefully and readers
should not place undue reliance on such forward-looking information.
Silverstone disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information, future
events or otherwise.
|