Silvermet Inc.
TSX VENTURE : SYI

Silvermet Inc.

March 23, 2009 13:06 ET

Silvermet Inc. Completes Private Placement

TORONTO, ONTARIO--(Marketwire - March 23, 2009) -

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 it has completed a portion of its previously announced best-efforts private placement financing. Silvermet sold 14,000,000 units at a price of $0.05 per unit for aggregate gross proceeds of $700,000. Each unit is comprised of one common share and one-half warrant, with each whole warrant being exercisable for one common share at a price of $0.10 per share for a term of 18 months, which term can be accelerated if Silvermet shares trade above $0.20 per share for 20 days.

The units were sold on a non-brokered basis. Silvermet will pay a finder's fee to D&D Securities Ltd. in respect of certain of the placed units. The proceeds of the Offering will be used to fund the acquisition of the Turkish Waelz kiln operations and for general working capital purposes.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

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 & CEO
    (416) 203-8336
    (416) 368-5146 (FAX)
    or
    Silvermet Inc.
    Rein A. Lehari
    President & COO
    (416) 203-8336
    (416) 368-5146 (FAX)
    Website: www.silvermet.ca