San Marco Raises $961,662 in Private Placement & Grants Stock Options
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/12 -- San Marco Resources Inc. (TSX VENTURE: SMN) announces that it has completed its non-brokered unit private placement announced October 15, 2012 by selling 7,397,400 units at $0.13 per unit for gross proceeds of $961,662. The proceeds of the placement will be used for:
-- Continuing exploration activities on the Company's Angeles property,
including extending the soil sampling grid, surface sampling of newly
discovered mineralized structures, trenching and detailed geological
mapping, all in preparation for and commencement of diamond drilling;
-- Additional mineral property acquisitions; and
-- General working capital.
Each unit issued 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 $0.26. After the four month restricted resale period expires, the expiry of the warrants may be accelerated if the closing price of the Company's shares exceeds $0.45 per share for 20 consecutive trading days and the Company gives notice to the warrant holders that the warrants will expire in 30 days.
Finder's fee of 6% were paid in cash or shares to National Bank Financial ($3,042), Canaccord Genuity Corp. ($48,183.72) and Haywood Securities Inc.(12,000 shares). All shares, including shares issued on exercise of the warrants, are subject to four month restricted resale periods expiring on March 1, 2013 (390,000 units) and March 14, 2013 (7,007,400 units and 12,000 shares).
San Marco also announces that it has granted, effective November 15, 2012, stock options to purchase 3,550,000 shares to its directors, officers, employees and consultants. The options will be exercisable for a period of 5 years and priced at the greater of the closing price on November 15, 2012 or $0.13 per share.
About San Marco Resources Inc.
San Marco Resources Inc. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of precious metal properties in Mexico. San Marco is currently focused on its Angeles, La Buena and Los Carlos properties, all of which are either drill ready or in preparation for drilling in the near future. San Marco has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts:
San Marco Resources Inc.
Rick Peterson - Corporate Finance Consultant
604-913-9419 or 604-868-3164
CAN (Toll Free) 1-888-888-9122
USA (Toll Free) 1-888-888-9123
rick@rickpeterson.ca
San Marco Resources Inc.
Robert D. Willis - CEO
604-568-5951 or 604-813-2606
rwillis@sanmarcocorp.com
