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May 20, 2008 08:09 ET
Orko Silver Announces $10.0 Million Bought Deal Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2008) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Orko Silver Corp.
(TSX VENTURE:OK) announces that it has entered into an agreement with a
syndicate of underwriters co-led by GMP Securities L.P. and BMO Capital
Markets Inc., and including Haywood Securities Inc. and Macquarie
Capital Markets Canada Ltd. (collectively, the "Underwriters"),
pursuant to which the Underwriters have agreed to purchase, on an
underwritten private placement basis, 6,100,000 common shares of Orko (the "Shares") at a price of $1.65 per Share (the "Issue Price") for aggregate gross proceeds of $10,065,000.
Orko has agreed to
grant the Underwriters an option to sell up to an additional 1,220,000
Shares at the Issue Price for additional gross proceeds to Orko of up to $2,013,000.
The net proceeds of the private placement will be used for the continuing exploration program on Orko's Mexican mining properties and for general corporate purposes including working capital.
The private placement is expected to close on or about or June 12, 2008.
All securities issued under the private placement are subject to a
hold period expiring four months and one day from the closing date. The
private placement is subject to the acceptance of the TSX Venture
Exchange.
About Orko Silver Corp.
Orko Silver Corp. is a professional exploration company with an increasing silver resource. Orko
Silver's principal project, La Preciosa, located near the city of
Durango, Mexico, is an advanced silver and gold project. The Company is
currently drilling at La Preciosa using 4 rigs working 24 hours a day,
7 days a week. The deposit remains open in all directions and to depth.
Two additional projects include the Santa Monica east of La Preciosa
and the San Juan west of La Preciosa. All are undergoing exploration.
ON BEHALF OF THE BOARD OF DIRECTORS
Minaz Devji, Executive Vice-President
This News Release may contain forward-looking statements including
but not limited to comments regarding the timing and content of
upcoming work programs, geological interpretations, receipt of property
titles, potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore involve
inherent risks and uncertainties. Actual results may differ materially
from those currently anticipated in such statements. Orko relies upon litigation protection for forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for this News Release.
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