NEWS - Well, Well, WellAh, so the money does have money after all. And look at the price of the PP - $1.00 per share, with 1/2 of a $2 warrant and 1/2 of a $5 warrant, just like last year's deals! This should quell the B.S. rumours that they don't have money, just as I said while everyone was busy panicking for no reason. Yet another great deal pulled off by Marc.
Silver Dragon Resources Inc. Closes $1 Million Private Placement
Wednesday October 17, 8:00 am ET
TORONTO, Oct. 17, 2007 (PRIME NEWSWIRE) -- Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce that it has closed a private placement consisting of 1,000,000 units (the ``Units'') in the Company at a price of US$1.00 per Unit for gross proceeds of US$1,000,000. Each Unit is comprised of one restricted common share and two one-half of one common share purchase warrants. One whole warrant will entitle Unit holders to purchase one additional common share (the ``Warrant Shares'') of the Company at exercise prices of US$2.00 and US$5.00 per Warrant Shares at any time within two years from the date of closing.
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``This US$1 million financing was priced at a premium to the current market price of our stock which we believe is a reflection of our ongoing drill program results in Mexico and our continued progress in China,'' commented Mr. Marc Hazout, President and Chief Executive Officer of Silver Dragon Resources Inc. ``The Company plans to use proceeds from the financing to continue development of the Cerro las Minitas silver mine in Durango, Mexico; to continue the exploration and National Instrument 43-101 compliant conversion program presently under way at the nine Erbahuo silver properties in China; and for general corporate purposes.''
Silver Dragon Resources Inc. is a mining and metal company focused on the exploration, acquisition, development and operation of silver mines in proven silver districts globally. Silver Dragon's objective is to acquire silver mining assets that contain promising exploration targets, have highly-leveraged, out-of-the-money silver deposits, and/or are producing properties with significant untapped exploration potential. It is management's objective to grow Silver Dragon into a significant silver producer by developing the Cerro las Minitas and the Erbahuo projects in Mexico and China. For more information, please visit the Company's website at: https://www.silverdragonresources.com (now available in Chinese).