Silver Standard cuts offer price

Silver Standard Resources (SSO-V) has revised the terms of a private placement negotiated earlier in October.

Under the revised deal, the company will place 1.1 million units at $2.60 per unit, down from an original price of $2.70. Each unit consists of a share and a purchase warrant, exercisable for two years, permitting the holder to buy an additional share at $3.

Proceeds will be used in part to explore the Manantial Espejo project in Argentina, a joint venture with Black Hawk Mining (BHK-T). Some will be used to fund exploration at the Bluey property in Australia, where 13 holes are to be drilled.