Zamin Precious Minerals Limited

December 01, 2010 10:26 ET

Press Release: Zamin Precious Minerals Limited

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2010) - Zamin Precious Minerals Limited ("Zamin") today announced that on 30 November, 2010, it purchased 18,900,000 common shares of South American Silver Corp. ("SAC" or the "Company") representing approximately 19.7% of the issued and outstanding shares of the Company, based on there being 96,174,353 common shares of the Company in issue as of 30 November 2010. Information regarding current issued and outstanding shares of the Company is based on information in the Company's press announcement of 30 November, 2010.

Zamin agreed to purchase 18,300,000 common shares of SAC pursuant to a subscription agreement on 7 November 2010. Subsequently Zamin agreed to increase the common shares of SAC to be purchased by Zamin to 18,900,000 pursuant to a restated subscription agreement which was executed by SAC on 30 November, 2010. The purchase by Zamin is part of a larger private placement offering by the Company of 27,499,378 common shares (the "Offering") which closed on 30 November, 2010. The common shares of SAC acquired by Zamin were issued at a price of C$1.16 per share, for a total consideration of C$21,924,000. The common shares acquired are subject to a four-month restricted resale period from the closing date.

Zamin acquired control and direction, directly or indirectly, of the common shares issued to Zamin as part of the Offering for investment purposes. 

Zamin intends to review its investment in SAC on a continuing basis. Depending on various factors including, without limitation, SAC's financial position, the price levels of the common shares of SAC, conditions in the securities markets and general economic and industry conditions, Zamin's business or financial condition and other factors and conditions Zamin deems appropriate, Zamin may in the future take such actions with respect to its investment in SAC as Zamin deems appropriate including, without limitation, making proposals to SAC concerning changes to the capitalization, ownership structure or operations of Zamin, acquiring common shares of SAC or selling, transferring to a joint venture or otherwise disposing of some or all of the common shares of SAC. In addition, Zamin may formulate other purposes, plans or proposals regarding SAC or any of its securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors or may change its intention with respect to any and all matters referred to above.

Zamin's address is set out below. For further information, including to obtain a copy of the report filed by Zamin in accordance with applicable Canadian securities laws, contact Zamin at the address specified below:

Zamin Precious Minerals Limited
Kingston chambers, PO Box 173
Road Town, Tortola, British Virgin Islands
Attn: Ian Phillips
Tel: +1 305 405 7895

About Zamin Precious Minerals Limited

The Zamin group of companies is an international group with offices in London (UK), Sao Paulo (Brazil), Montevideo (Uruguay) and Zug (Switzerland). Zamin has a world-class portfolio of resource projects and investments primarily in Latin America. The Zamin strategy is to create value through is its proven ability to partner with regional and federal governments to develop assets and create clearly defined infrastructure and logistics solutions.

Contact Information

  • Zamin Precious Minerals Limited
    Ian Phillips
    +1 305 405 7895
    Kingston chambers, PO Box 173
    Road Town, Tortola, British Virgin Islands