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UPDATE: Salmon River Announces $1 Million Private Placement; Shares Drop Almost 17% in the Afternoon

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Salmon River Resources Ltd. (SAL.V) announced today that it will undertake a non-brokered private placement of a little over 3 million common shares at C$0.32 per common share for gross proceeds of up to C$1.1 million. The company said the net proceeds of the private placement will be used entirely for the payment of the initial Pre-Completion Payment for certain properties.

SAL shares dropped almost 17% in the afternoon to 25 cents from yesterday's 30 cents close, trading just 5 cents above year lows.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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