Sunshine Silver Mines Corporation goes public

Sunshine Silver Mines Corporation is going public.

The Denver-based company, which purchased the Sunshine Mine in Kellogg in the first half of 2010, filed its S-1 registration statement with the SEC on July 7, and plans to list on the New York Stock Exchange under the symbol "AGS." Backers include Morgan Stanley, RBC Capital Markets and UBS Investment Bank.

The initial public offering is intended to raise $250 million, pursuant to SSMC's stated objective of "becoming a premier silver producer," according to the filing.

"We have never declared or paid any cash dividends on our capital stock. We do not intend to pay any dividends in the foreseeable future and currently intend to retain all future earnings to finance our business," the company stated.

Proceeds will finance continued exploration, pre-feasibility studies, and refurbishing and updating the Sunshine Mine property, as well as various corporate expenses.

The company currently owns or controls approximately 447,437 hectares across the 19 exploration properties in its portfolio.

Included in the IPO are SSMC's two primary projects - the Sunshine Mine and the Los Gatos Project in Chihuahua, Mexico.