VANCOUVER, BRITISH COLUMBIA -- (Marketwire - March 9, 2012) - San Marco Resources Inc. (TSX VENTURE: SMN) announces that it has completed a non-brokered private placement of 2,133,334 units at $0.15 per unit for gross proceeds of $320,000. Finders' fees equal to 6% of the gross proceeds were paid in cash or shares. The shares issued in the placement, and any shares issuable on exercise of the warrants, are subject to a four month restricted resale period expiring on July 9, 2012.
Each unit consisted of one common share and one-half of a non-transferable warrant, each whole warrant exercisable to purchase a further share at $0.30 until September 9, 2013. After July 9, 2012, the expiry of the warrants may be accelerated if the closing price of the Company's shares exceeds $0.50 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.
The proceeds of the placement will be used for continued exploration on its Mexican gold/silver property Los Carlos 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. Michael Mallard V.P. Corporate Communications 604-506-3776 mmallard@sanmarcocorp.com www.sanmarcocorp.com
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VANCOUVER, BRITISH COLUMBIA -- (Marketwire - March 9, 2012) - San Marco Resources Inc. (TSX VENTURE: SMN) announces that it has completed a non-brokered private placement of 2,133,334 units at $0.15 per unit for gross proceeds of $320,000. Finders' fees equal to 6% of the gross proceeds were paid in cash or shares. The shares issued in the placement, and any shares issuable on exercise of the warrants, are subject to a four month restricted resale period expiring on July 9, 2012.
