Silver
Standard Closes Sale of US$138 Million of Convertible Notes
VANCOUVER, BRITISH
COLUMBIA, Feb 27, 2008 (Marketwire via COMTEX News Network) -- Silver
Standard Resources Inc. ("Silver Standard") (TSX:SSO)(NASDAQ:SSRI)
announced today the closing of its previously announced offering of senior
unsecured convertible notes due March 1, 2028 (the "Convertible
Notes"). (See Silver Standard's news release dated February 22, 2008 for
details.)
The over-allotment option granted to the initial purchasers was
exercised in full and net proceeds realized from the offering were approximately
US$134 million, after underwriting commissions and issue expenses. As
previously announced, Silver Standard expects to use a part of the net
proceeds of the offering to finance a portion of the development costs of its
Pirquitas Project and to use the balance of the net proceeds for the
exploration of its other properties, for working capital and for general
corporate purposes.
The offering was made pursuant to Rule 144A and Regulation S
under the Securities Act of 1933 (the "Act"). The offering has not
been and will not be registered under the Act, and none of the Convertible
Notes or any Silver Standard common shares issuable upon any conversion of
the Convertible Notes may be offered or sold in the United States absent
registration under the Act or the availability of an applicable exemption
from registration requirements. Offers and sales in Canada were made only
pursuant to exemptions from the prospectus requirements of applicable
Canadian provincial or territorial securities laws. This press release does
not constitute an offer to sell or the solicitation of an offer to buy any
security.
To receive Silver Standard's news releases by e-mail, contact
Paul LaFontaine, director, investor relations at invest@silverstandard.com or call
(888) 338-0046.
Statements contained in this news release that are not
historical fact, such as statements regarding the economic prospects of the
company's projects, future plans or future revenues, timing of development or
potential expansion or improvements, are forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of 1995. Such
forward looking statements, including expectations that the offering
described in this news release will be successfully completed, or completed
on terms consistent with the terms described herein, are subject to risks and
uncertainties which could cause actual results to differ materially from
estimated results. 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 or Canada, 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.
Source: Silver Standard Resources Inc.
SOURCE: Silver Standard Resources Inc.
Silver Standard Resources Inc.
Robert A. Quartermain
President
(604) 689-3846
(604) 689-3847 (FAX)
Silver Standard Resources Inc.
Paul LaFontaine
Director, Investor Relations
Direct: (604) 484-8212 or N.A. Toll Free: 1-888-338-0046
Email: invest@silverstandard.com
Website: www.silverstandard.com