San Marco Receives Subscriptions for $716,800 in Over-subscribed Non-brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 6, 2020) - San Marco Resources Inc. (TSXV: SMN) announces that its non-brokered private placement to raise C$ 500,000 has been over-subscribed. It has received subscriptions totalling C$ 716,799.92.
The private placement now consists of 5,309,629 units at a price of $0.135 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share for three years at a price of $0.20. If, after four months following closing of the placement, the closing price of San Marco's shares is at least $0.40 per share for 10 trading days, San Marco may accelerate the expiry of the warrants to 30 calendar days after the expiry of that 10 trading day period.
The Company will pay finders fees in cash of 7% and issue finders warrants (each exercisable to purchase one share for $0.135 for one year) of 7% to eligible finders in accordance with the policies of the TSX-V.
Proceeds of the private placement will be used for funding exploration of the Buck property and working capital.
Bob Willis, San Marco's Executive Director states; "We are very pleased about the overwhelming support received for the initial funding for exploration at Buck. We have received our permit and drilling will begin shortly to test key targets discovered during historic data compilation and to allow potential expansion of the existing mineralized footprint."
All the securities issued pursuant to this private placement will be subject to a four month restricted resale period. Completion of the placement is subject to the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company's principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company's portfolio includes the several prospective, early stage exploration properties in Mexico.
For further information, contact:
Robert Willis, P. Eng.
Executive Director VP
Sharyn Alexander, M.Sc.
Technical Services
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management's current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco's actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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