Apr 25, 2011
Argentum Announces Non-Brokered Financing
April 25, 2011: Vancouver, B.C.: Argentum Silver Corp. ("Argentum" or the "Company") announces that it will conduct a non-brokered private placement of up to 15,000,000 units for gross proceeds of up to $5,250,000, subject to the approval of the TSX Venture Exchange (the "Exchange").
The units will be priced at $0.35 and will each consist of one common share and one-half of one share purchase warrant. Each whole warrant (the "Warrants") will be exercisable for one additional common share at a price of $0.50 for one year from the date of issue. Argentum will pay qualified parties a finder's fee in cash equal to 7% of the total proceeds invested by subscribers introduced to Argentum by such parties, subject to the approval of the Exchange. Each qualified finder will also receive a non-transferable warrant (the "Finder's Warrant") entitling them to purchase that number of Argentum common shares equal to 7% of the total number of Units purchased by subscribers introduced to Argentum by such parties. Each Finder's Warrant will have terms and conditions similar to that of the Warrants issued under the private placement. All finder's fees are subject to Exchange approval.
The proceeds of the private placement will be used to fund exploration and drilling programs at our Lachiguiri property and the Coyote and Victoria properties which Argentum has a signed letter of intent to option from Soltoro Ltd. ("Soltoro"), located in Jalisco, Mexico. Argentum has already initiated an induced polarization program on the Lachiguiri property, and the Company's focus will be to analyze these results over the next 4-6 weeks in order to identify drill targets for the summer drill program at Lachiguiri. The Company has recently completed 50 soil samples on the Lachiguiri property and is awaiting assay results.
Further, Argentum has completed the hiring and organization of geological teams and is ready to begin mapping and planning at both the Coyote and Victoria properties in Jalisco in anticipation of closing the option of these properties from Soltoro. "These properties offer a great opportunity," stated Warren McIntyre, President of Argentum Silver Corp. "Soltoro's El Rayo property is located in close proximity to the east of both the Victoria and Coyote properties. Soltoro has recently announced spectacular drill results on the El Rayo property, with as high as 7 meters of over 1000 grams per ton silver." (see Soltoro's news release dated April 20, 2011). "This area appears to have the potential to be developed into a significant, high-grade silver district with numerous companies operating in the area. We see great potential and will be aggressive in our exploration and drilling programs."
About Argentum Silver
Argentum holds the right to acquire a 100% interest in the Lachiguiri, Silacayoapan and Nino Perdido properties, all located in Oaxaca, Mexico, under an option agreement with Arco Resources Corp. Argentum also has a signed letter of intent to option a 100% interest from Soltoro Ltd. in the Victoria and Coyote properties located in Jalisco, Mexico. For further information, please go to www.argentumsilvercorp.com.
On behalf of the Board of Directors of Argentum Silver Corp.
President and Chief Executive Officer
Argentum Silver Corp.
For further information:
Ian Tootill, Director of Investor Relations
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Argentum relies upon litigation protection for forward-looking statements.