San Marco Raises $1.785 Million in Private Placement
October 21 2010 - 4:49PM
Marketwired
San Marco Resources Inc. (TSX VENTURE: SMN) announces that it has
closed its private placement of 5,100,000 units at $0.35 per unit
for gross proceeds of $1,785,000.
Each unit consisted of one common share and one-half of a
non-transferable warrant, each whole warrant exercisable to
purchase a further share for 18 months at a price of $0.55. If the
closing price of the Company's shares on the TSX Venture Exchange
for 10 consecutive trading days after February 22, 2011 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% were paid (in cash) to eligible finders and
brokers for introducing some of the investors to the placement.
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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