San Marco Closes Private Placement Financing
April 24 2014 - 4:54PM
Marketwired
San Marco Closes Private Placement Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 24, 2014) - San
Marco Resources Inc. (TSX-VENTURE:SMN) ("San Marco" or "the
Company") has completed its non-brokered private placement
financing announced on March 11, 2014. A total of 8,000,000 units
("Units") were issued at $0.05 per Unit for gross proceeds of
$400,000. An insider of the Company acquired 2,760,000 of the Units
issued in this financing.
Each Unit consisted of one common share and one non-transferable
warrant. Each warrant is exercisable to purchase a further share
for three years, at $0.05 within the first year or $0.10 within the
second and third years. A finder's fee of $16,590 cash was paid to
Haywood Securities Inc., representing 7% of the value of Units
purchased by investors introduced by it.
All common shares issued in connection with this financing,
including common shares issued on exercise of the warrants, are
subject to a four month restricted resale period expiring on August
24, 2014. The warrants expire on April 24, 2017 and have an
acceleration provision such that the expiry date can be reduced to
30 calendar days after notice thereof if the closing price of the
Company's common shares equals or exceeds $0.20 for 15 consecutive
trading days after the expiry of the four-month restricted resale
period.
The proceeds of the financing will be used for general working
capital purposes, project generation efforts, and exploration
activities on the Company's Angeles, La Buena and Los Carlos
properties.
"We would like to take this opportunity to thank our
shareholders, both new and existing, for their support in this
challenging market environment," states Robert Willis, CEO of San
Marco. "San Marco is working hard to build a portfolio of
exceptional exploration projects with low opportunity costs in
mining-friendly jurisdictions, and to this end intends to seek
additional acquisitions in proven mineral belts to build on the
strength of its existing projects."
About San Marco
San Marco Resources Inc. is a Canadian mineral exploration
company with a current portfolio of three promising properties in
mining-friendly Mexico and an aggressive project generation program
focused on high-calibre, low-opportunity cost projects. The
Company's Angeles, La Buena and Los Carlos properties are all
either drill ready or in preparation for drilling in the near
future. San Marco has a committed management team with extensive
experience in Mexico and a proven track record of building
shareholder value.
Forward Looking Information
Information set forth in this document includes forward-looking
statements, such as: the anticipated use of funds raised in the
financing; and, the intent to acquire additional exploration
projects. While these statements reflect management's current
plans, projections and intents, by their nature, forward-looking
statements are subject to numerous risks and uncertainties, some of
which are beyond the control of San Marco Resources Inc. Readers
are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on these forward-looking statements. San
Marco's actual results, programs and financial position could
differ materially from those expressed in or implied by these
forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
San Marco Resources Inc.Robert D. WillisCEO604-568-5951 /
604-813-2606rwillis@sanmarcocorp.comwww.sanmarcocorp.com
Sun Summit Minerals (TSXV:SMN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Sun Summit Minerals (TSXV:SMN)
Historical Stock Chart
From Sep 2023 to Sep 2024