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« Coeur D’Alene Mines: Watch! | Main | Silver Leads The Way! »

Silver Standard Resources Inc: Issues 5.45 Million Common Shares

SSRI logo

A news release by the company today reported the closing of its previously announced public offering of common shares as stated below:

Pursuant to the Offering, the company today issued 5.45 million common shares at a price of US$17.00 per share, for aggregate net proceeds of approximately US$88 million after underwriting commissions.

The company intends to use the net proceeds from this Offering for the development of mineral properties, working capital requirements, to repay indebtedness outstanding from time to time or for other general corporate purposes.

The company has also granted to the underwriters of the Offering an option, exercisable for a period of 30 days following the closing of the Offering, to purchase additional common shares for additional gross proceeds of up to approximately US$13.9 million.

On the 26th January 2009 we reported the following:

SSRI might need a breather having come from sub $6.00 to $20.27 in a short time. The technical indicators suggest that SSRI is now overbought so you might want to take some profits off the table if you are a short-term trader. As for us we will continue to hold as this stock is part of our core position. This stock closed at $12.94 today so if you make a short term trade and bank a few dollars do let us know and also tell us what your target price is for re-entering the market and buying your stock back.

Silver Standard Resources Incorporated can be found on the NASDAQ under the symbol of SSRI and on the Toronto Stock Exchange under SSO and has a market capitalization of US$811.40 billion with 62.69 million shares outstanding, with an average volume of 1.36 million shares traded.

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