Silver Standard
Announces Pricing of Public Offering of Common Shares
VANCOUVER, BRITISH COLUMBIA, Feb 12, 2010 (Marketwire 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
5,882,353 common shares at a price of US$17.00, for aggregate gross proceeds
of approximately US$100 million. The company will file a final prospectus
supplement to its existing amended and restated 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 February 18, 2010.
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$15 million.
The company intends to use the net proceeds from the Offering to
fund the exploration on and 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. BMO Capital Markets, CIBC World Markets, Credit
Suisse, Dahlman Rose & Company, Deutsche Bank Securities, Morgan Stanley,
Scotia Capital, Griffiths McBurney Corporation, National Bank Financial Inc.
and Salman Partners Inc. (or their respective affiliates) acted as
co-managers on the Offering.
A copy of the final prospectus supplement and the amended and
restated 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; uncertainty of
production and cost estimates for the Pirquitas Mine; our history of losses
and expectation of future losses; 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.
A.E. Michael Anglin
President & CEO
(604) 484-8201
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
N.A. Toll Free: (888) 338-0046 or Direct: (604) 484-8212
invest@silverstandard.com