SST $$$ from warrants
Silverstone gets $20-million from warrant exercise
2007-06-13 13:34 ET - News Release
Mr. Chris Tomanik reports
SILVERSTONE RECEIVES $20 MILLION THROUGH THE EXERCISE OF WARRANTS
Silverstone Resources Corp., to date, has received $20-million through the exercise of 11.1 million warrants. Each warrant was exercisable into one common share at an exercise price of $1.80 per share. There were 13.3 million warrants that were issued in June, 2006, and expired in June, 2007. Additional warrant exercises are currently being processed. Silverstone's cash balance is $27-million.
On June 6, 2007, Silverstone announced in Stockwatch that it had secured $40-million (U.S.) in debt financing with Scotia Capital Inc. in connection with the Lundin Mining silver transaction. As a result of the recent warrant exercises, Silverstone has reduced the amount of debt needed to close the Lundin silver transaction to $25-million (U.S.).