Quantcast
Last updated on April 16, 2014 at 21:24 EDT

Silver Standard Announces Closing of Over-Allotment of Convertible Senior Notes

February 13, 2013

VANCOUVER, Feb. 13, 2013 /PRNewswire/ – Silver Standard Resources Inc. (NASDAQ:
SSRI, TSX: SSO) (“Silver Standard” or the “Company”) announced today
the closing of US$15 million aggregate principal amount of 2.875%
convertible senior notes due 2033 (the “Notes”) pursuant to the partial
exercise of the over-allotment option granted to the initial purchasers
of the Notes in connection with Silver Standard’s previously announced
offering of US$250 million of Notes, which closed on January 16, 2013. 

The initial conversion rate for the Notes is 50 common shares per
US$1,000 principal amount of the Notes, equivalent to an initial
conversion price of US$20.00 per common share.  The Company intends to
use up to approximately US$138 million of the net proceeds from the
sale of the Notes to repurchase or redeem its existing convertible
notes in March 2013 and the remaining net proceeds for general
corporate purposes, which may include developing or advancing its
property portfolio.

The Notes, and the common shares into which the Notes are convertible
(the “Shares”), have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the “Securities Act”), or qualified
by a prospectus in Canada. The Notes and the Shares may not be offered
or sold in the United States absent registration under the Securities
Act or an applicable exemption from registration under the Securities
Act. The Notes were offered only to “qualified institutional buyers”
(as defined in Rule 144A under the Securities Act) and outside the
United States to non-U.S. persons in compliance with Regulation S under
the Securities Act. Offers and sales in Canada were made only pursuant
to exemptions from the prospectus requirements of applicable Canadian
provincial securities laws.

This news release is neither an offer to sell nor the solicitation of an
offer to buy the Notes or any other securities and shall not constitute
an offer to sell or solicitation of an offer to buy, or a sale of, the
Notes or any other securities in any jurisdiction in which such offer,
solicitation or sale is unlawful.

Cautionary Notice Regarding Forward-Looking Statements:

Statements in this news release are forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and forward-looking information within the meaning of Canadian
securities laws (collectively, “forward-looking statements”). All
statements, other than statements of historical fact, are
forward-looking statements. Generally, forward-looking statements can
be identified by the use of words or phrases such as “expects”,
“anticipates”, “plans”, projects”, “estimates”, “assumes”, “intends”,
“strategy”, “goals”, “objectives”, “potential” or variations thereof,
or stating that certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved, or the
negative of any of these terms or similar expressions. The
forward-looking statements in this news release relate to, among other
things, the anticipated use of proceeds. These forward-looking
statements are subject to a variety of known and unknown risks,
uncertainties and other factors that could cause actual events or
results to differ from those expressed or implied. See the Company’s
most recent Form 20-F filed with the U.S. Securities and Exchange
Commission and Canadian regulatory authorities for a discussion of
other risks and uncertainties that may affect the Company’s
forward-looking statements.

The Company’s forward-looking statements are based on what the Company’s management considers to be reasonable
assumptions, beliefs, expectations and opinions based on the
information currently available to it. We cannot assure you that actual
events, performance or results will be consistent with these forward
looking statements, and management’s assumptions may prove to be
incorrect. The Company’s forward-looking statements reflect current
expectations regarding future events and speak only as of the date
hereof and the Company does not assume any obligation to update
forward-looking statements if circumstances or management’s beliefs,
expectations or opinions should change other than as required by
applicable law. For the reasons set forth above, you should not place
undue reliance on forward-looking statements.

SOURCE Silver Standard Resources Inc.


Source: PR Newswire