Silver
Standard announces pricing of public offering of common shares
VANCOUVER, Aug. 12,
2009 (Canada NewsWire via COMTEX News Network) -- Silver Standard Resources
Inc. (TSX:SSO)(NASDAQ:SSRI) has priced its previously announced public
offering of common shares (the "Offering"). Pursuant to the
Offering, the company will issue 2,725,288 common shares at a price of
US$17.00 per share, for aggregate gross proceeds of approximately US$46
million. The company will file a final prospectus supplement to its existing
short form base shelf prospectus with the securities commissions in each of
the provinces of Canada, other than Quebec, and will make a similar filing
with the United States Securities and Exchange Commission. Closing of the
Offering is expected to occur on or about August 17, 2009.
The company has also
granted 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$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 (416-364-2201 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 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 final prospectus
supplement and the corresponding filing in the United States, the closing of
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
need to satisfy the conditions set forth in the underwriting agreement
relating to the offering, 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.
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, Email:
invest@silverstandard.com, Website: www.silverstandard.com