Silver Standard Resources Inc. (TSX:SSO) has filed a preliminary prospectus in Canada and the U.S. that gives the Vancouver company the option to raise up to US$150 million over the next two years.
Funds from the share offering will be used to develop its mineral properties, fund working capital requirements or repay debt.
The move comes as Vancouver's Geologix Explorations Inc. (TSX:GIX) said it won't exercise its option to acquire a 100% interest in Silver Standard's San Agustin property in Mexico for approximately US$34.3 million.
Geologix said it was unable to acquire the financing to buy the property.
Silver Standard's share price range during the past week: between $24.40 and $25.23; 52-week high: $38.38; 52-week low: $6.87.