San Marco Raises $961,662 in Private Placement & Grants Stock Options
November 14 2012 - 4:00PM
Marketwired
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) 1-888-888-9123rick@rickpeterson.ca
San Marco Resources Inc. Robert D. Willis - CEO 604-568-5951 or
604-813-2606rwillis@sanmarcocorp.com