/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
TSX-V: SIL
VANCOUVER, Nov. 19, 2015
/CNW/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is
pleased to report that the non-brokered private placement of
$2.25 million announced November 4, 2015 was oversubscribed. The Company
completed on November 19, 2015 the
private placement of 16,665,143 units at a price of Cdn$0.15 per unit for gross proceeds of
Cdn$2.5 million. Each unit
consists of one common share and one‑half of one common share
purchase warrant, with each whole warrant being exercisable for one
common share of SilverCrest at a price of Cdn$0.20 per share for a term of
2 years. No finder's fees were paid in connection with
this placement.
Certain of SilverCrest's insiders purchased or acquired
direction and control over a total of 3,925,143 units under
the private placement. The placement to those persons
constitutes a "related party transaction", within the meaning of
TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101
("MI 61-101"). The Company has relied on the exemptions from the
formal valuation and minority approval requirements of MI 61-101
contained in sections 5.5(b) and 5.7(1) (b) of MI 61-101 in respect
of related party participation.
The material change report was not filed more than 21 days
prior to closing of the placement due to the timing of the
announcement and closing occurring in less than 21 days.
The shares and warrants issued under the private placement and
the shares issuable upon exercise of the warrants are subject to a
hold period that expires on March 20,
2016.
Net proceeds from the private placement will be used to augment
the Company's current cash of $5.1
million and for general corporate purposes. The
Company's total cash position at closing is approximately
$7.6 million.
NO U.S. REGISTRATION
The securities referred to in
this news release have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any applicable securities laws of any state of
the United States, and may not be
offered or sold within the United
States or to, or for the account or benefit of,
U.S. persons (as such term is defined in Regulation S under
the U.S. Securities Act) or persons in the United States unless registered under the
U.S. Securities Act and any other applicable securities laws
of the United States or an
exemption from such registration requirements is available. This
press release does not constitute an offer to sell or a
solicitation of an offer to buy any of these securities within any
jurisdiction, including the United
States.
ABOUT SILVERCREST METALS INC.
SilverCrest is a
Canadian precious metals exploration company headquartered in
Vancouver, BC, that is focused on
new discoveries, value-added acquisitions and targeting production
in Mexico's historic precious
metal districts. The Company is led by a proven management team in
all aspects of the precious metal mining sector, including the
pioneering of a responsible "phased approach" business model taking
projects from discovery, finance, on time and on budget
construction, and production with subsequent increased value to
shareholders.
N. Eric Fier, CPG,
P.Eng
President &
CEO
SilverCrest Metals Inc.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements"
within the meaning of Canadian securities legislation. Such
forward‑looking statements concern the intended use of
proceeds. Such forward‑looking statements or information are
based on a number of assumptions, which may prove to be incorrect.
Assumptions have been made regarding, among other things:
conditions in general economic and financial markets; timing
and amount of capital expenditures; and effects of regulation by
governmental agencies. The actual results could differ
materially from those anticipated in these forward‑looking
statements as a result of the risk factors including: the
availability of funds; the timing and content of work programs;
results of exploration activities of mineral properties; the
interpretation of drilling results and other geological data; and
general market and industry conditions. Forward-looking statements
are based on the expectations and opinions of the Company's
management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered
reasonable at the time of preparation, may prove to be imprecise
and, as such, readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
the statements were made. The Company undertakes no obligation to
update or revise any forward-looking statements included in this
news release if these beliefs, estimates and opinions or other
circumstances should change, except as otherwise required by
applicable law.
SOURCE Silvercrest Metals Inc.