SILVER FIELDS CLOSES FIRST TRANCHE
Silver Fields Resources Inc. pleased to announce that the Company has now closed the first tranche of the private placement announced on November 15, 2011. A total of 1,050,000 units were issued at a price of $0.05 per unit. Each unit consists of one common share in the capital of the Company and one share purchase warrant. Each warrant will entitle the holder to buy one common share of the Company for a period of two years from the date of issue. The exercise price of the warrants will be $0.10 for the first 12 month term of the warrants and $0.15 for the remaining term of the warrants.
Finder’s fees totaling $5,750 have been paid with respect to the first tranche of the private placement, in addition to the issuance of 115,000 Agent’s warrants. The Agent’s warrants are exercisable for a period of two years from the date of issuance, at an exercise price of $0.10 per share during the first year and at a price of $0.15 per share during the second year.
The shares and any shares acquired upon the exercise of the warrants are subject to a 4 month hold period expiring on April 13, 2012. The net proceed of the funds received will be used for general working capital. The Company is expecting to complete the balance of the financing by January 20th, 2012.
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.