Vancouver, B.C. – November 2, 2015: San Marco Resources Inc. (SMN: TSX-V) announces that it has completed its warrant exercise incentive program respecting warrants issued under two non-brokered private placements in 2014 and 2015. Under the program, 2,353,000 warrants were exercised at $0.05 per share for proceeds of $117,650 and 2,353,000 non-transferable “incentive” share purchase warrants, entitling the holder to acquire one common share at an exercise price of $0.05 until October 16, 2018, were issued.
The common shares issuable on the exercise of 1,000,000 “incentive” warrants issued to a director of the Company are subject to a four month restricted resale period expiring February 24, 2016. Any common shares issued on the exercise of the other “incentive” warrants will not be subject to any resale restrictions.
The proceeds from the early exercise of the outstanding warrants will be used for continued exploration of San Marco’s Cuatro de Mayo Project in Sonora State, Mexico and general working capital purposes.
About San Marco:
San Marco Resources Inc. is a Canadian mineral exploration company with a portfolio of three promising projects in mining-friendly Mexico, including the Cuatro de Mayo Project in Sonora State on which San Marco is currently active (sunsummitminerals.com).
San Marco maintains a strategic project generation program focused on high-calibre, low-cost acquisition opportunities in the Cuatro de Mayo District. San Marco has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value.
For further information, contact:
Robert Willis, P. Eng., CEO
This news release contains “forward-looking information” and “forward-looking statements” (together, the “forward-looking statements”), which are not historical facts but are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. These forward-looking statements are made as of the date of this news release. San Marco Resources Inc. disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.