Silver
Standard Announces Closing of Public Offering of Common Shares
VANCOUVER, BRITISH
COLUMBIA, Aug 17, 2009 (Marketwire via COMTEX News Network) -- Silver
Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) reports the closing of its
previously announced public offering of common shares and exercise of the
overallotment option (the "Offering"). Pursuant to the Offering,
the company today issued 2,997,816 common shares at a price of US$17.00 per
share, for aggregate net proceeds of approximately US$48.3 million after
underwriting commissions.
The company intends to
use the net proceeds from the Offering to fund the development of mineral
properties, for working capital requirements, to repay indebtedness
outstanding from time to time or for other general corporate purposes.
UBS Securities Canada
Inc. acted as lead manager and sole book runner of the Offering. Deutsche
Bank Securities Inc.; Credit Suisse Securities (USA) LLC; Dahlman Rose &
Co., LLC; Morgan Stanley & Co. Incorporated; CIBC World Markets Inc;
Scotia Capital Inc.; Blackmont Capital Inc.; GMP Securities L.P.; National
Bank Financial Inc.; and Salman Partners Inc. acted as co-managers of the
Offering.
A copy of the final
prospectus supplement and the short form base shelf prospectus may be
obtained in Canada from UBS Securities Canada Inc. at 161 Bay Street, Suite 4100,
Toronto, Ontario M5J 2S1 (416-364-2201 telephone) or in the United States
from UBS Securities LLC at 299 Park Avenue, New York, NY 10171 (212-821-3000
telephone).
This news release
shall not constitute an offer to sell or a solicitation of an offer to buy
common shares nor shall there be any sale of such securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
jurisdiction.
Forward Looking Statements:
Statements in this news release relating to the offering and the anticipated
use of proceeds are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and forward-looking
information within the meaning of Canadian securities laws (collectively,
"forward-looking statements"). Forward-looking statements are
statements that are not historical facts and that are subject to a variety of
risks and uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements. Such risks
and uncertainties include, but are not limited, to the company's ability to
raise sufficient capital to fund development; changes in economic conditions
or financial markets; changes in prices for the company's mineral products or
increases in input costs; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments in Argentina,
Australia, Canada, Chile, Mexico, Peru, the United States and other
jurisdictions in which the company may carry on business; technological and
operational difficulties or inability to obtain permits encountered in
connection with exploration and development activities; labour relations
matters; and changing foreign exchange rates, all of which are described more
fully in the company's filings with the Securities and Exchange Commission. The
company does not intend, and does not assume any obligation, to update any
forward-looking statements, other than as required by applicable law.
(Source: Silver Standard Resources Inc.)
Statements in this news release relating to the offering, the
underwriters' overallotment option, and the anticipated use of proceeds are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are statements that
are not historical facts and that are subject to a variety of risks and
uncertainties which could cause actual events or results to differ materially
from those reflected in the forward-looking statements.
SOURCE: Silver Standard Resources Inc.
Silver Standard Resources Inc.
Robert A. Quartermain
President & CEO
(604) 689-3846
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. Toll Free: 1-888-338-0046 or Direct: (604) 484-8212
invest@silverstandard.com
www.silverstandard.com