ENP Newswire - 05 August 2014
Release date- 01082014 - Reno, Nevada - Silver Predator Corp. (TSX.V: SPD) is pleased to announce the close of a non-brokered private placement of 19,570,000 common shares at $0.07 per share for proceeds of $1,369,900.
Resource Re Ltd., a wholly-owned subsidiary of Till Capital Ltd. (TSX.V: TIL) acquired 19,000,000 shares, as originally announced on July 10, 2014 with 570,000 shares acquired by a third party. Till is an insider and control person of the Company, as defined by the TSX Venture Exchange. This share issuance and the increase in the size of the control position were previously approved by a vote of the Company's shareholders on February 21, 2014. On completion of this financing, Till now holds directly 62,677,674 shares, or approximately 63.34% of the Company's issued and outstanding shares.
The shares issued are subject to a hold period expiring four months plus one day from the date of issuance. The proceeds from the private placement will be used to further the Springer Tungsten Mine, the Taylor silver-gold deposit and for general working capital purposes.
Silver Predator Corp.
Silver Predator's corporate mandate is to advance its Springer Tungsten Mine and Mill Complex in Nevada to production through a joint venture arrangement. A PEA completed on current resources of 355,000 Indicated tons at an average grade of 0.537% containing 190,635 STU's of WO3 and 1,933,600 Inferred tons at an average grade of 0.493% containing 952,326 STU's of WO3 indicates an IRR of 47% after tax with an estimated capex of 29.8 million dollars.
The Springer facility was originally constructed and operated by General Electric Corp. in the late 1970's and early 1980's when the project was put on care and maintenance due to low tungsten prices. The mill was modernized by Golden Predator Corp. in 2007-2008. The facility could be production capable within 12 months of a capital commitment.
Approximately $100 million dollars has cumulatively been invested by all companies in the construction and modernization of the mine and mill. The Company also holds the Taylor silver-gold project in Nevada. The Taylor project hosts a current resource estimate, is open to expansion, and is located in a district that has identified the potential for discovery of additional silver and gold deposits.
Clifford D. Nelson
Silver Predator Corp.
Tel: (208) 635 5415