San Marco Resources Inc. (TSX VENTURE:SMN) announces that it is arranging a
non-brokered private placement of 7,000,000 units at $0.10 per unit for gross
proceeds of $700,000. 


Each unit will consist of one common share and one-half of a non-transferable
warrant, each whole warrant exercisable to purchase a further share for 24
months at $0.20. After the four month restricted resale period expires, the
expiry of the warrants may be accelerated if the closing price of the Company's
shares exceeds $0.40 per share for 20 consecutive trading days and the Company
gives notice to the warrant holders that the warrants must be exercised or the
warrants will expire in 30 days. 


Finders' fees equal to 6% of the gross proceeds may be paid cash or shares. 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



--  Continuing drill target definition in the Company's 100% owned Los
    Carlos II property. 
--  Drill target identification on the recently acquired Angeles property. 
--  Continued drilling on the Los Carlos property. 
--  Working capital.



The placement is expected to close on June 29, 2012.

Retainer of Skanderbeg Capital Partners

San Marco also announces that it has retained the services of Skanderbeg Capital
Partners Inc. as a corporate development consultant. Skanderbeg is a merchant
banking group, focused on identifying, structuring and operating companies with
highly prospective business opportunities around the world. Skanderbeg maintains
offices in both North America and Europe and is headquartered in Vancouver, B.C.



The retainer is for an initial term of three months at a rate of $6,000 per
month (to be paid from working capital) and may be extended by San Marco for a
further nine months at a fee to be negotiated at such time. San Marco has also
granted Skanderbeg an option to purchase 200,000 shares at $0.20 per share for a
period of 5 years. 


San Marco understands that Skanderbeg Capital holds 533,333 common shares and
warrants to purchase a further 266,666 common shares of San Marco and that
employees of Skanderbeg hold a further 318,333 shares and warrants to purchase
154,167 shares of San Marco.
Sun Summit Minerals (TSXV:SMN)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Sun Summit Minerals Charts.
Sun Summit Minerals (TSXV:SMN)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Sun Summit Minerals Charts.