Southern Hemisphere Mining Limited
TSX VENTURE : SH
ASX : SUH

Southern Hemisphere Mining Limited

November 13, 2010 01:11 ET

Southern Hemisphere Closes Second Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Southern Hemisphere Mining Limited (TSX VENTURE:SH)(ASX:SUH) is pleased to announce that it has completed the second tranche of its $20 million brokered private placement announced on October 27, 2010. A total of $6,000,036 was raised in the second tranche through the issuance of 14,285,800 subscription receipts priced at $0.42 each. A cash commission of 6% of the amount raised was paid to the Company's agents, Dundee Securities Corporation and Euroz Securities
Limited.

Proceeds from the sale of the subscription receipts will be held in escrow until such time as, among other things, shareholders of the Company have approved the conversion of the subscription receipts and a receipt for a final prospectus qualifying such conversion is obtained from applicable Canadian securities regulators.

Each subscription receipt will be automatically converted into one common share of the Company for no additional consideration following the issuance of a receipt for the Company's final prospectus. In the event that shareholder approval and a receipt for the prospectus is not obtained within 60 days following the closing date of the subscription receipts offering, the subscription receipts will be cancelled and holders thereof will be refunded their purchase price. The subscription receipts are not transferable.

The third and final tranche of the private placement is expected to be completed following receipt of applicable shareholder approvals at a shareholder meeting scheduled for November 25, 2010.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Southern Hemisphere Mining Limited
    Trevor Tennant
    CEO
    +56 (9) 7766 4688
    or
    Southern Hemisphere Mining Limited
    Clark Kent
    Investor Relations
    647-519-2646
    ckent@currentmca.com