Samex Mining (OTC:SMXMF) has been very active this morning on the bulletin board hitting a new 52-week high on heavy volume. They have a fresh influx of capital to drill some new holes in South America after completing its previously announced private placement for proceeds of approximately $8.8 million. In early trading, shares of Samex Mining were up 25 percent at $0.62 per share on volume of more than 440,000 shares compared to its average daily volume of only 72,000 shares. Samex Mining has a market cap of $60 million and a 52-week range between $0.20 and $0.65 per share.
Samex recently completed a private placement of 17,583,720 units comprised of one common share and one share purchase warrant at a price of $0.50 per unit for gross proceeds of approximately $8.8 million. The warrant has a term of two (2) years and each warrant will entitle the holder to purchase an additional common share at a price of $0.60 per share if exercised by December 31, 2010; or at $0.65 per share if exercised by November 1, 2011; or at $0.70 per share if exercised by November 1, 2012. The units (17,583,720 shares and 17,583,720 warrants) have been issued and are subject to a hold period until March 2, 2011. The proceeds of the private placement will be used for exploration on the Company's precious metal properties in Chile and for general working capital.
Jeff Dahl, President of Samex Mining said; "We're pleased to raise this substantial funding which will allow us to not only expand, but accelerate our exploration efforts in general and in particular, at our projects within the Los Zorros district where we have just commenced drilling. Mineral exploration is a challenging endeavor and having adequate capital is a strategic advantage. We have the utmost respect and appreciation for our many supportive shareholders and in consideration have arranged this funding above market prices. We also believe that the decade long bull market in precious metals may be entering an accelerating up-phase which should encourage the markets to more fully recognize the value and opportunity that exploration companies represent."
Samex Mining, an exploration stage company, engages in the acquisition and exploration of mineral properties in South America. The company focuses on the exploration of precious and base metals, including gold, silver, copper, and molybdenum. It owns 100% interest in Los Zorros Property consisting of approximately 7,833 hectares of mineral concessions, Chimberos Property comprising approximately 1,600 hectares of mineral concessions, and INCA Property covering approximately 741 hectares of mineral concessions locates in Chile.
For more information visit: http://www.samex.com/
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