Silver Fields Closes Private Placement
Mr. Chris England, President and CEO of Silver Fields Resources Inc. is pleased to announce that it has closed its non-brokered private placement announced on June 18th, and June 23rd, 2008, for the issuance of 5,000,000 non flow-through units (the “NFT Units”) at a price of $0.10 per Unit, and the issuance of 700,000 flow-through units (“FT Units”) at a price of $0.10 per Unit (collectively NFT Units and the FT Units being referred to herein as the “Units”) to raise total gross proceeds of $570,000.
Each NFT Unit consists of one common share and one non-transferable share purchase warrant (the “NFT Warrants”),with each NFT Warrant entitling the holder to purchase one additional common share at a price of $0.15 per share until for a period of one year ending July 18, 2009.
Each FT Unit consists of one common share and one non-transferable share purchase warrant (the “FT Warrants”), with each FT Warrant entitling the holder to purchase one additional common share at a price of $0.18 per share for a period of one year ending July 18, 2009.
The shares and any shares acquired upon the exercise of the warrants are subject to a 4 month hold period, which expires November 18, 2008. The net proceeds of the offering will be used in part for general working capital and the “flow through portion” of the Private Placement will be used for qualified Canadian Exploration Expenditures.
Finder’s Fees of $41,600 have been paid in conjunction with this Private Placement, as well as 520,000 Agent’s Warrants. The warrants are exercisable at $0.15 for a period of one year ending July 18th, 2009.
Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time. The Company’s actual results may differ materially from the expected results.
We seek Safe Harbor.