Standard announces public offering of common shares
VANCOUVER, Feb. 11,
2010 (Canada NewsWire via COMTEX News Network) -- Silver Standard Resources
Inc. (TSX:SSO)(NASDAQ:SSRI) has filed a preliminary prospectus supplement to
its amended and restated 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$100 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$15 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. will act as lead manager and sole
book runner of the Offering.
A copy of the preliminary 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 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; uncertainty of production and cost estimates for the Pirquitas Mine;
our 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., A.E. Michael Anglin, President & CEO, (604)
484-8201; Silver Standard Resources Inc., Paul LaFontaine, Director, Investor
Relations, N.A. Toll Free: 1-888-338-0046 or Direct: (604) 484-8212, Email: