Silver Standard Resources Inc.: Sale of Silvertip Project Closesadmin
Silver Standard Resources Inc. report that the sale of the Silvertip Project to Silvercorp Metals Inc. closed on February 26, 2010.
Silver Standard was issued 1.2 million common shares of Silvercorp at a deemed price of $6.25 per common share, and received a cash payment of CDN$7.5 million, for total consideration of CDN$15 million for the sale of the Silvertip Project.
Gryphon Partners acted as financial advisor to Silver Standard in connection with the sale.
Silvertip, located in northern British Columbia, is a silver-base metals project that Silver Standard had acquired in 2002.