San Marco Raises $1.3 Million in Private Placement
July 06 2011 - 4:26PM
Marketwired
San Marco Resources Inc. (TSX VENTURE: SMN) announces that it has
completed its private placement announced June 6, 2011. The
placement was oversubscribed by $314,000 resulting in San Marco
selling 6,570,000 units at $0.20 per unit for proceeds of
$1,314,000. Finders' fees of $64,260 (6%) were paid in respect of
some of the subscriptions.
Each unit consisted of one common share and one-half of a
non-transferable warrant, each whole warrant being exercisable to
purchase a further share until July 6, 2013 at a price of $0.35.
The warrants provide that if the closing price of its shares
exceeds $0.70 per share for 20 consecutive trading days after
November 6, 2011, San Marco may give the warrant holders notice
that the warrants must be exercised within 30 days or the warrants
will expire.
The shares and any shares issued on the exercise of the warrants
are subject to restrictions on resale until November 7, 2011.
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
604-568-5971 (FAX) mmallard@sanmarcocorp.com
www.sanmarcocorp.com
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