Sandspring Resources Ltd. Announces Completion of Private Placement for $5.7 Million
Sandspring Resources Ltd. (the "Corporation") (TSX-V: SSP.P) is pleased to announce that it has successfully completed the first tranche of its previously announced bought-deal equity financing (the "Offering") of subscription receipts ("Subscription Receipts") with a syndicate of underwriters led by Research Capital Corporation ("Research") (collectively, the "Underwriters"). The Underwriters exercised their option, to purchase an additional 2,047,200 Subscription Receipts at the August 14, 2009 closing (the "First Closing") resulting in the issuance of a total of 16,333,000 Subscription Receipts at a price of $0.35 per Subscription Receipt for aggregate gross proceeds of approximately $5.7 million. The Underwriters also exercised their option to purchase additional Subscription Receipts at one or more future closings.