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

OTC

Private Placement – First Tranche Closes

Aug 16, 2012

OTC Disclosure News Service

Vancouver, BC, Canada –

SILVERSUN RESOURCE CORP.

Suite400 – 409 Granville Street

Vancouver,BC, V6C 1T2

Telephone:(604) 678-2531

 

 

Silver Sun to Close $390,000 FirstTranche of Private Placement

 

Vancouver, BritishColumbia (August 16th, 2012) – Mark McLeary, President and CEO, Silver SunResource Corp. (TSX Venture: SSU, Frankfurt Stock Exchange: SS6, OTCQX: SSUXF,the “Company”) reports that the Company has submitted to The Exchange for final approval, closing of the first tranche of the privateplacement previously announced on July 10th, 2012, for issuance of 3,250,000units for gross proceeds of $390,000.

 

Under the terms of the Offering each unitconsisted of one common share in the capital of the Company (each, a”Share”) and one non-transferable common share purchase warrant(each, a “Warrant”). Each Warrant entitles the holder to purchase oneadditional common share of the Company (each, a “Warrant Share”) fora period of two years from the date of closing as follows: at a price of $0.17per Warrant Share during the first year and at a price of $0.25 per WarrantShare during the second year. The warrants will expire on July 9th,2014.

Silver Sun intends to use the proceeds of the private placementfor capital expenditures and expansion of the Cherry Hill Gold mine in SiskyouCounty, California, general working capital and corporate purposes. TheOffering will be conducted on a non-brokered basis and Silver Sun may pay afinder’s fee in cash and/or warrants in connection with the Offering.

Closing ofthe Offering is subject to customary conditions including TSX Venture Exchangeapproval. Any securities issued pursuant to the Offering will be subject to ahold period of four months and one day after closing of the offering underapplicable Canadian securities laws.  TheWarrants will also be restricted securities subject to these restrictions.

 

About Silver SunResource Corp.

 

SilverSun Resource Corp. is a Canadian-based resource company focused on theacquisition, exploration and development of precious metal deposits in NorthAmerica. The Company is in the production stage with its gold project in Yreka,California and engaged in an on-going work program on the Zacatecas, Salvador,and Mina San Jose properties located within the prolific Zacatecas SilverDistrict in Mexico, as well as its Yoreme Silver Project in the mining districtof Alamos, Sonora State, Mexico. The Company has an experienced management teamwith a growth strategy to develop a diversified portfolio of mining projectsthat can be taken to production in the near-term. The company’s design is toadd shareholder value through efficient exploration, strategic acquisitions andeffective marketing while maintaining a low risk profile through projectdiversification and sound financial management.

ON BEHALF OF THE BOARD OF DIRECTORS

“Mark A. McLeary”

President

 

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.

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