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FOR
IMMEDIATE RELEASE
THE SILVER
RECYCLING COMPANY INC.
TSX VENTURE: TSR
DATE: Septemer 16, 2008
NEWS RELEASE
VANCOUVER, BC
NOT FOR DISTRIBUTION
TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
The Silver Recycling Company
Closes First Tranche Of Financing
VANCOUVER, B.C. - September
16, 2008 - The Silver Recycling Company Inc. (TSX VENTURE: TSR)
("Silver Recycling") is pleased to announce that it has closed
the first tranche of financing with the issue of $150,000 of convertible
debentures.
The
key terms of the convertible debentures are:
- Two year term with
interest at 10% per annum, payable quarterly, beginning on the 180th
day after funding.
- Convertible at any time
at a conversion price of $0.75 per share.
- Redeemable by Silver
Recycling at any time after 12 months without penalty.
- One share purchase
warrant for every $10 of convertible debt acquired, each warrant
exercisable into one share at a price of $0.90 per share, expiring
on September 11, 2009.
- The debentures, warrants
and any shares acquired on conversion or exercise are subject to a 4
month hold period that expires on January 12, 2009.
Silver Recycling received
conditional acceptance from the TSX on August 29, 2008 for a convertible
debenture private placement for up to CAD$2 million.
Don Holmstrom, President and
CEO stated, "Closing this initial tranche allows SRC to continue
moving forward with the execution of its business plan including to
secure the remainder of the financing."
The TSX Venture Exchange does
not accept responsibility for the adequacy or accuracy of this release.
About 'The Silver Recycling
Company Inc.'
Silver Recycling is a consolidator of privately-owned silver and other
precious metals recycling companies and recently closed the acquisition
of two companies in Pennsylvania as announced in the news release of May
28, 2008 and the execution of a letter of intent for a second acquisition
on July 22, 2008. Silver Recycling is continuing to review other
candidate companies within the precious metals recycling industry for
acquisition and integration in alignment with the Company's business
strategy. Information about Silver Recycling is available on their
website www.silver-recycling.com.
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FOR FURTHER INFORMATION,
PLEASE CONTACT:
The
Silver Recycling Company Inc.
Mr. Don Holmstrom CA
President & CEO
Tel: (604) 688-3011 x222
Email: dholmstrom@silver-recycling.com
Or:
G2
Consultants
Mr. Grant Prenevost
Tel: (604) 742-9990
Email: info@g2consultants.com
Certain statements included in
this press release may be considered forward-looking. Such statements
involve known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from those implied by such statements, and therefore these
statements should not be read as guarantees of future performance or
results. All forward-looking statements are based on the Company's
current beliefs as well as assumptions made by and information currently
available to it as well as other factors, including the availability of
funds, the results of the evaluation of business operations, outcome or
failure of negotiations with third parties, precious metal prices, and
general market and industry conditions. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Due to risks and
uncertainties, including the risks and uncertainties identified by the
Company in its public securities filings, actual events may differ
materially from current expectations. The Company disclaims any intention
or obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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