San Marco Resources Inc. to Raise $500,000 in Private Placement
16.12.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Dec. 16, 2011) - San Marco Resources Inc. (TSX VENTURE: SMN) announces that it has arranged a non-brokered private placement of 5,000,000 units at $0.10 per unit for gross proceeds of $500,000.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 18 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 continued exploration on its Mexican gold/silver properties Tecomate and La Buena, and for general working capital.
The placement is expected to close on January 11, 2012.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contact Information
San Marco Resources
Robert D. Willis, Chairman & CEO
604-813-2606
rdwillis@telus.net
San Marco Resources
Mike Mallard, Vice President
604-506-3776
mmallard@sanmarcocorp.com
www.sanmarcocorp.com