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Silver Mines Ltd Announces Placement Of Shares


Wednesday, 13 Feb 2013 06:21pm EST 

Silver Mines Ltd announced a placement of 27,332,848 ordinary shares at AUD 0.047 per share raising approximately AUD 1.2 million (before costs) and 13,666,424 options to sophisticated and institutional investors. The options have an exercise of AUD 0.10 expiring on November 13, 2013. The funds raised will be applied towards exploration drilling programs at the Webbs Project in New England, Northern New South Wales and working capital. 

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