Silvermet Inc.
TSX VENTURE : SYI

Silvermet Inc.

November 08, 2010 15:19 ET

Silvermet Announces Exercise of Warrants

TORONTO, ONTARIO--(Marketwire - Nov. 8, 2010) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Silvermet Inc. ("Silvermet" or the "Company") (TSX VENTURE:SYI) is pleased to announce that 5,725,000 of the warrants issued in connection with the May 1, 2009 private placement have been exercised prior to their expiry on November 5, 2010. Accordingly, the Company has issued 5,725,000 shares at $0.10 per share for total proceeds of $572,500.

With the issuance of these shares, the issued and outstanding common shares of Silvermet have increased to 156,130,216 shares, including the 16,000,000 shares that were issued to Befesa as part of the recent joint venture transaction.

About Silvermet:

Silvermet's Waelz kiln operations in Iskenderun, Turkey were acquired in February 2009 and have been operating since mid-May 2009 to recover zinc contained in the EAFD that is produced as a waste product by local steel mills.

Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raised additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

The TSX Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Silvermet Inc.
    Stephen G. Roman
    Chairman, President & CEO
    (416) 203-8336
    www.silvermet.ca