Nov 19 (Reuters) - Silver Mines Ltd SVL.AX :
* Placement, company update and director resignation SVL.AX
* Says company has received commitments for up to A$1.2M
* Says funds will be used for future acquisitions and working capital purposes
* David Sutton, has advised board that he will not seek re-election at the agm and will resign as director/chairman
* Source text for Eikon ID:nASX9VnjzS