- San Marco Resources (SMN) has closed its non-brokered private placement, raising more than C$4 million to fund exploration work in British Columbia
- The company issued a total of 6.5 million charity flow-through units at a price of 34 cents each and 7.25 million regular flow-through units at a price of 26 cents
- Each units is comprised of one flow-through common shares and half of one common share purchase warrant, exercisable at a price of 34 cents
- The proceeds raised will be used to fund exploration work at the company’s Buck property in British Columbia
- San Marco Resources (SMN) is currently up 4.76 per cent and is trading at 33 cents per share
San Marco Resources (SMN) has closed its non-brokered private placement, raising more than C$4 million to fund exploration work in British Columbia.
Under the terms of the offering, the company issued a total of 6.5 million charity flow-through units at a price of 34 cents each and 7.25 million regular flow-through units at a price of 26 cents.
These units are comprised of one flow-through common share and half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share in San Marco Resources at a price of 34 cents per share, exercisable over a period of 24 months from the date of issuance.
Eventus Capital acted as a finder for the offering, and received a seven per cent cash fee and a package of compensation warrants equal to seven per cent of the total amount sold.
Haywood Securities, National Bank Financial and T-Bone Ventures also acted as finders exclusively under the flow-through portion of the offering, and received a similar compensation.
The proceeds raised under the offering will be used to fund exploration work at San Marco’s Buck gold-silver-zinc property in north-central British Columbia, which covers a total of 15,000 hectares.
Pursuant to an announcement dated July 16, 2019, San Marco has the option to acquire a 100 per cent interest in the Bucks property.
Bob Willis, CEO and Director of San Marco Resources, commented on the completion of the offering.
“This is a very exciting time for all San Marco shareholders as we are now fully financed for a 10,000 metre drill program scheduled to start very shortly.
“We welcome our new strong institutional investor base and are looking forward to expand on the excellent results to date at the Buck Property,” he said.
San Marco Resources (SMN) is currently up 4.76 per cent to $0.33 per share at 12:06pm EDT.