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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2012) - Southern Silver Exploration Corp. (TSX VENTURE:SSV)(FRANKFURT:SEG) (the "Company") announces that it has entered into two loan agreements pursuant to which certain lenders (the "Lenders") will loan the Company an aggregate amount of $48,000 (the "Loans"). Each Loan is repayable on demand, provided that a Lender shall not make demand for repayment of its Loan before 6 months after the date of such Loan. Interest is payable quarterly at a rate of prime plus 2% per annum. At the election of the Company, interest may be paid by the issuance of common shares in accordance with the Policies of the TSX Venture Exchange. If, at the time a Lender makes demand for repayment of a Loan the Company is unable or unwilling, in its sole discretion, to repay the loan in cash, the Company may, subject to TSX Venture Exchange approval, repay the Loan by issuing common shares to the Lender. |
