San Marco to Raise $1.4 Million in Private Placement
September 21 2010 - 8:00AM
Marketwired
San Marco Resources Inc. (TSX VENTURE: SMN) announces that it has
arranged a non-brokered private placement of 4,000,000 units at
$0.35 per unit for gross proceeds of $1,400,000.
Each unit will consist of one common share and one-half of a
non-transferable warrant, each whole warrant being exercisable to
purchase a further share for a period of 18 months at a price of
$0.55. If, after the four month anniversary of closing the
placement, the closing price of the Company's shares on the TSX
Venture Exchange for 10 consecutive trading days equals or exceeds
$1.00 per share, the Company may accelerate the expiry of the
Warrants to 20 trading days after notice thereof to the warrant
holders.
Finders' fees of 6 % may be paid (in cash) to eligible finders
and brokers for introducing investors to the placement. The size of
the placement may be increased, or reduced, at the Company's option
and is subject to regulatory approval.
The proceeds of the placement will be used for continued
exploration on its Mexican gold/silver properties Tecomate and La
Buena, and for general working capital.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: San Marco Resources Inc. Robert D. Willis Chairman
& CEO 604-813-2606 rdwillis@telus.net San Marco Resources Inc.
Mike Mallard V.P. Corporate Communications 604-506-3776
mmallard@sanmarcocorp.com www.sanmarcocorp.com
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