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CALGARY, ALBERTA--(Marketwire - Oct. 29, 2012) - Further to Silver Mountain Mines Inc.'s (TSX VENTURE:SMM) (the "Company") announcement of October 12, 2012, the Company has closed the first tranche of its non-brokered private placement (the "Offering") which has raised gross proceeds of $422,700. Under the terms of the offering, the Company has issued 3,522,500 flow-through units (each a "Unit") at $0.12 per Unit. Each Unit consists of one class "A" common share ("Common Share") of the Company to be issued on a flow-through basis and one (1) common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at a price of $0.20 per Common Share on or before 4:30 p.m. (MST) on the date December 31st, 2014 (the "Expiry Date") except in the event the Common Shares of the Corporation, as quoted on the TSX Venture Exchange, close at or above $0.30 per Common Share for twenty one (21) consecutive trading days, then the Company may, at its election, accelerate the Expiry Date upon not less than 30 days written notice (the "Early Expiration Date"). |
