VANCOUVER, Oct. 7, 2015 /CNW/ - SilverCrest Metals Inc.
("SilverCrest Metals" or the "Company") is pleased to announce the
completion of an arrangement (the "Arrangement") that established
SilverCrest Metals as a separate company spun off from SilverCrest
Mines Inc. SilverCrest Metals has now received final approval
for the listing of the common shares of SilverCrest Metals
("SilverCrest Metals Shares") on the TSX Venture Exchange with
trading to commence at market opening on October 9, 2015 under
the symbol "SIL". The CUSIP number for SilverCrest Metals
Shares is 828363101 and the ISIN number is CA8283631015.
The Arrangement was effected pursuant to an arrangement
agreement dated July 26, 2015, as amended, among SilverCrest
Metals, SilverCrest Mines Inc. ("SilverCrest Mines") and First
Majestic Silver Corp. ("First Majestic"). Under the
Arrangement, 19,952,024 SilverCrest Metals Shares were issued
to SilverCrest Mines for distribution to the former shareholders of
SilverCrest Mines (at an exchange ratio of 0.1667 of a SilverCrest
Metals Share for one common share of SilverCrest Mines) and
2,192,727 SilverCrest Metals Shares were issued to First
Majestic. As a result, there are a total of 22,144,751
outstanding SilverCrest Metals Shares owned as to 90.1% by former
shareholders of SilverCrest Mines and as to 9.9% by First
Majestic.
In consideration for the issuances of the SilverCrest Metals
Shares under the Arrangement, SilverCrest Mines transferred to
SilverCrest Metals the Cruz de Mayo, Las Chispas, Angel de Plata, Huasabas and Estacion Llano exploration properties located
in northern Mexico, as well as
Cdn$5.25 million in cash and certain
other assets owned by SilverCrest Mines, and First Majestic
transferred to SilverCrest Metals its Guadalupe exploration
property located in Durango,
Mexico.
The Company's current material property is the Cruz de Mayo
exploration property. A Technical Report entitled "Mineral
Resource Estimate for the Cruz de Mayo Property, Sonora, Mexico" effective August 15,
2015, as amended September 15, 2015, pertaining to the Cruz de
Mayo Property (the "Technical Report") was commissioned by and
prepared for SilverCrest Mines and SilverCrest Metals by
James Barr, P.Geo., on behalf of
Tetra Tech EBA Inc. in compliance with National
Instrument 43‑101 ("NI 43‑101"). Mr. Barr is a
"Qualified Person" and considered "independent" as both those terms
are defined in NI 43‑101. A copy of the Technical Report
is available under SilverCrest Metals' profile at
www.sedar.com.
Material transaction documents relating to the Arrangement and
the TSX Venture Exchange Form 2B Listing Application are also
available under the Company's profile at www.sedar.com.
The directors and officers of SilverCrest Metals were previously
the directors and/or officers of SilverCrest Mines immediately
prior to the completion of the Arrangement.
N. Eric Fier is President and Chief Executive Officer and
Barney Magnusson is Chief Financial
Officer of SilverCrest Metals.
SilverCrest Metals Inc. (TSX‑V: SIL) is a Canadian
precious metals exploration company headquartered in Vancouver, BC.
SILVERCREST METALS INC.
"N. Eric Fier"
N. Eric
Fier, President and CEO
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE SilverCrest Metals Inc.