Silver Standard Resources To Sell 2.7M Shares

NEW YORK (AP) — Silver miner company Silver Standard Resources Inc. said Wednesday it will sell 2.7 million shares to the public at a price of $17 per share.

The Vancouver, British Columbia-based company said Tuesday it planned to sell $46 million in stock, before deducting expenses. Silver Standard Resources had 62.8 million shares outstanding at the end of 2008, and its stock finished at $18.27 Tuesday. That makes the offer price a discount of 5.9 percent.

Silver Standard plans to use proceeds to fund the development of mineral properties, among other purposes.

In afternoon trading, the stock lost 37 cents, or 2 percent, to $17.90.