Skip to main content

San Marco Closes Oversubscribed $1.52 Million Private Placement

By November 1, 2017December 10th, 2019No Comments
Vancouver, B.C. – November 1st , 2017: San Marco Resources Inc. (SMN: TSX-V) (“San Marco” or “the Company”) announces that it has completed its private placement financing announced September 29th, 2017. A total of 8,444,444 units (Units”) were issued at $0.18 per Unit for gross proceeds of $1,519,920, a greater than 20% increase over the original financing target of $1,260,000. Insiders of the Company acquired 1,190,000 (over 14%) of the Units issued in this financing.

Each Unit consisted of one common share of the Company (a “Share”) and one-half of one common share purchase warrant. Each whole warrant (a “Warrant”) entitles the holder to purchase one common share for $ 0.35 until April 30, 2019. The Shares issued and common shares issuable on exercise of the warrants are subject to four month restrictions on resale until March 1, 2018.

Finder’s fees were paid to Haywood Securities Inc. ($41,310) PI Financial Corp. ($4,860), Echelon Wealth Partners ($1,620) and T-Bone Ventures Inc. ($4,493).

The monies raised will be immediately deployed to advance the Company’s properties including the work required in preparation to drill both the Chunibas Project, where the Company recently announced a newly discovered porphyry-related breccia gold system (see news release dated September 21st, 2017and the 1068 Project, where the Company also recently announced high priority drill targets have been identified on this undrilled copper, molybdenum and gold porphyry system discovered from San Marco’s generative program (see news release September 26th, 2017).

The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or applicable state securities laws, and may not be offered or sold in the United States or to U.S. Persons (as defined in the U.S. Securities Act) without registration, or exemption from registration, under such laws.

About San Marco

San Marco Resources Inc. is a Canadian mineral exploration company with a portfolio of promising projects in mining-friendly Mexico, including the Chunibas, Mariana and 1068 Projects in Sonora State.

San Marco actively pursues strategic project generation program focused on high-caliber, low acquisition cost opportunities in the North-western Mexico. The Company has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value. San Marco currently has 64,716,276 issued and outstanding shares.

On behalf of the Board of Directors,
Robert Willis, P. Eng.
President & CEO

For further information, contact:
Nancy Curry

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.