South American Silver Corp. (SOHAF.PK,SAC.TO: Quote) announced that it acquired ownership of 15.58 million common shares of High Desert Gold Corp. (HDG.V).
As a result of the purchase, South American Silver now owns 15.58 million Common Shares of High Desert representing approximately 19.9% of the total issued and outstanding Common Shares of the Issuer, based on there being 78.29 million Common Shares of High Desert outstanding as of December 28, 2012.
South American Silver purchased 15.58 million common Shares of High Desert pursuant to a private placement by High Desert at a price of $0.18 per Common Share for aggregate cash consideration of $2.80 million to High Desert.
The common Shares acquired are subject to a four-month restricted resale period expiring on April 29, 2013. South American Silver has also been granted a pre-emptive right enabling it to maintain its percentage equity interest in the Issuer for a period of 36 months.
by RTT Staff Writer
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