Silver Sun Resource Corp. (SSUXF: OTC Link) | Private Placement Update

Private Placement Update

Sep 07, 2012

OTC Disclosure News Service

Vancouver, BC, Canada –

SILVERSUN RESOURCE CORP.

Suite400 – 409 Granville Street

Vancouver,BC, V6C 1T2

Telephone:(604) 678-2531

 

SilverSun Closes First Tranche of Private Placement

Vancouver, BritishColumbia (September 7, 2012) – Silver Sun Resource Corp. (“Silver Sun” or “theCompany”) is pleased to announce that, further to its news release dated July10, 2012, it has closed the first tranche of its non-brokered private placementof 1,775,336 Units at a price of $0.12 a Unit for gross proceeds ofapproximately $213,040.32. Each Unit is comprised of one common share in the capital of theCompany and one non-transferable share purchase warrant, each warrant entitlingthe holder to purchase one additional common share of the Company untilSeptember 6, 2014 at a per share price of $0.17 until September 6, 2013 and$0.25 until September 6, 2014.

Cash finders’ feesin the aggregate amount of $20,104.03 was paid and warrants to acquire anaggregate of 167,533 common shares of the Company until September 6, 2014 at aper share price of $0.17 until September 6, 2013 and $0.25 until September 6,2014 were issued to arms’ length finders who introduced the Company toinvestors.

Shares issued by the Company to the subscribers of the privateplacement are, and shares which may be acquired upon the exerciseof the share purchase warrants will be, subject to a hold period until January7, 2013, in accordance with applicable securities legislation.

The Company intends touse the proceeds of the private placement for expansion of the Cherry Hill Goldmine in Siskiyou County, California and for general working capital andcorporate purposes.  

Further to its newsrelease dated August 16, 2012, the Company wishes to clarify that it did notsubmit documents to the TSX Venture Exchange for final approval of the privateplacement at that time, it did not close a first tranche of the privateplacement at that time and, as mentioned above, the warrants issued in thefirst tranche of this private placement expire on September 6, 2014, not July9, 2014.

AboutSilver Sun Resource Corp.

Silver Sun ResourceCorp. is a Canadian-based resource company focused on the acquisition,exploration and development of precious metal deposits in North America. TheCompany is in the production stage with its gold project in Yreka, Californiaand engaged in an on-going work program on the Zacatecas, Salvador, and MinaSan Jose properties located within the prolific Zacatecas Silver District inMexico, as well as its Yoreme Silver Project in the mining district of Alamos,Sonora State, Mexico. The Company has an experienced management team with agrowth strategy to develop a diversified portfolio of mining projects that canbe taken to production in the near-term. The company’s design is to addshareholder value through efficient exploration, strategic acquisitions andeffective marketing while maintaining a low risk profile through project diversificationand sound financial management.

ON BEHALF OF THE BOARD OFDIRECTORS

“Mark A. McLeary”

President

Forward Looking Statements

This news release contains statements that constitute”forward-looking statements” within the meaning of Section 21E of theUnited States Securities Exchange Act of 1934 and “forward lookinginformation” within the meaning of applicable Canadian provincialsecurities legislation (collectively, “forward-looking statements”).Forward-looking statements often, but not always, are identified by the use ofwords such as “seek”, “anticipate”, “believe”,”plan”, “estimate”, “expect”,”targeting” and “intend” and statements that an event orresult “may”, “will”, “would”,”should”, “could”, or “might” occur or beachieved and other similar expressions. Forward-looking statements in this newsrelease include statements regarding the timing and nature of permittingapprovals, the timing and nature of infrastructure developments andconstruction, completion of project milestones, projections of futureoptimization, the timing of negotiations with third parties, and the timing andnature of production timeline targets which are dependent on projections whichmay change as testing and processing continues.

Theforward-looking statements that are contained in this news release are based onvarious assumptions and estimates by Silver Sun and involve a number of risksand uncertainties. As a consequence, actual results might differ materiallyfrom results forecast or suggested in these forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties,assumptions and other factors that may cause the actual results, performance orachievements of Silver Sun to be materially different from any future results,performance or achievements expressed or implied by the forward-lookingstatements. Factors that could cause the actual results to differ include;risks relating to fluctuations in the price of gold; the inherently hazardousnature of mining-related activities; uncertainties concerning  resourceestimates; results of exploration, availability of capital and financing onacceptable terms, inability to obtain required regulatory approvals,unanticipated difficulties or costs in any rehabilitation which may benecessary, market conditions and general business, economic, competitive,political and social conditions. These statements are based on a number ofassumptions, including assumptions regarding general market conditions, timingand receipt of regulatory approvals, the ability of Silver Sun and otherrelevant parties to satisfy regulatory requirements, the availability offinancing for proposed transactions and programs on reasonable terms and theability of third-party service providers to deliver services in a timelymanner. Although Silver Sun has attempted to identify important factors thatcould cause actual results to differ materially from those expressed or impliedin forward-looking statements, there may be other factors which cause actualresults to differ. Forward-looking statements contained herein are made as ofthe date of this news release and Silver Sun disclaims any obligation to updateany forward-looking statements, whether as a result of new information, futureevents or results or otherwise, except as required by applicable securitieslaws. There can be no assurance that forward-looking statements will prove tobe accurate, as actual results and future events could differ materially fromthose anticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking statements.

NeitherTSX Venture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this release.

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/SSUXF/news?id=52297

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