Jan. 4, 2011 (Market News Publishing) --
SILVER FIELDS RESOURCES INC ("SF-V") - Completes Non-Flow-Through And Flow-Through Financing
Silver Fields Resources Inc. ("Silver Fields") ("the Company") is pleased to announce that the Company has closed its previously announced private placement for securities on December 30th, 2010, for gross proceeds of $547,320. The number of units sold consists of 1,999,500 non flow through units priced at
.08 per unit and 4,304,000 flow through units priced at
.09 per unit as more particularly described below:
Each non flow through unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder to buy one additional common share of the Company on or before December 31, 2011 at a price of
.15 per share, and thereafter on or before December 31, 2012 at a price of
.20 per share.
Each flow through unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder to buy one additional common share of the Company on or before December 31, 2011 at a price of
.15 per share, and thereafter on or before December 31, 2012 at a price of
.20 per share.
Finder's fees of $50,452 in cash and 356,000 Agents warrants were issued in connection with the Private Placement. Each Agent's warrant will entitle the holder to buy one additional common share of the Company on or before December 31, 2011 at a price of
.15 per share, and thereafter on or before December 31, 2012 at a price of
.20 per share.
All securities are subject to a four month hold period expiring May 01, 2011.
The gross 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.
For further information contact:
Mr. Chris England
President