VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Jan. 19, 2012) - San Marco Resources Inc. (TSX VENTURE: SMN) has completed its non-brokered unit private placement announced December 16, 2011. The private placement was oversubscribed and a total of 5,176,250 units at $0.10 per unit were issued in two tranches for gross proceeds of $517,625. The shares, including any shares issued on exercise of the warrants and as finder's fees, are subject to transfer restrictions until April 24, 2012 (first tranche of 1,226,250 Units) and May 20, 2012 (second tranche of 3,950,000 Units).
Each unit consisted 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 transfer restrictions expire, 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 totalling $13,200 and 90,000 shares (6% of the gross proceeds in cash or shares) were paid.
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.
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 Inc. Robert D. Willis, Chairman & CEO 604-813-2606 rwillis@sanmarcocorp.com
San Marco Resources Inc. Mike Mallard, V.P. Corporate Communications 604-506-3776 mmallard@sanmarcocorp.com www.sanmarcocorp.com
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VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Jan. 19, 2012) - San Marco Resources Inc. (TSX VENTURE: SMN) has completed its non-brokered unit private placement announced December 16, 2011. The private placement was oversubscribed and a total of 5,176,250 units at $0.10 per unit were issued in two tranches for gross proceeds of $517,625. The shares, including any shares issued on exercise of the warrants and as finder's fees, are subject to transfer restrictions until April 24, 2012 (first tranche of 1,226,250 Units) and May 20, 2012 (second tranche of 3,950,000 Units).
