Silver Standard To Sell Up To $46M In Stock

NEW YORK (AP) — Mining company Silver Standard Resources Inc. said Tuesday it plans to sell new stock in order to fund development, buy equipment, and pay back debt, among other purposes.

The company filed a registration with the Securities and Exchange Commission saying it will sell up to $46 million in stock. If the stock is sold at Tuesday's closing price of $18.27, Silver Standard Resources would sell about 2.5 million shares.

The underwriters of the offer will have the option to buy up to $4.6 million in additional stock. At the end of 2008, the Vancouver-based company had about 62.8 million shares.

In aftermarket trading, Silver Standard Resources shares fell 47 cents, or 2.6 percent, to $17.80, having closed the regular session at $18.27.