Silver
Standard Announces Exercise of Over-Allotment Option
VANCOUVER, BRITISH
COLUMBIA, Aug 12, 2009 (Marketwire via COMTEX News Network) -- Silver
Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) reports that the underwriters
of its recently announced public offering (the "Offering") have
exercised in full their over-allotment option and will purchase an additional
272,528 common shares at US$17.00 per share. The option was granted pursuant
to the Offering of approximately 2.7 million common shares, at an offering
price of US$17.00 per share, which is expected to close on August 17, 2009. The
gross proceeds from the exercise of the over-allotment option will total
approximately US$4.6 million.
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. is acting as lead manager and sole book runner 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 (416-350-2201 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 the solicitation of an offer to buy
nor shall there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
Forward Looking
Statements: Statements in this news release relating to the closing of the
offering, the underwriters' over-allotment option 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 exercise of the
over-allotment option, the need to satisfy the conditions set forth in the
underwriting agreement relating to the offering and the exercise of the
over-allotment option, the need to satisfy regulatory and legal requirements
with respect to the offering; 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.)
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: (888) 338-0046 or Direct: (604) 484-8212
invest@silverstandard.com