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Santacruz Announces Closing of Previously Announced Private Placement for CDN$14 Million with a Lead Order from Palisades Goldcorp
Vancouver, British Columbia--(Newsfile Corp. - April 13, 2021) -  Santacruz Silver Minin...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Announces Closing of Previously Announced Private Placement for CDN$14 Million with a Lead Order from Palisades GoldcorpVancouver, British Columbia--(Newsfile Corp. - April 13, 2021) -  Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") is pleased to announce that it has closed its previously announced non-brokered private placement offering (the \"Private Placement\") of units of the Company (each, a \"Unit\") with a lead order from Palisades Goldcorp Ltd. The Company issued an aggregate of 46,965,000 Units at a price of $0.30 per Unit for gross proceeds of $14,089,500.Each Unit consists of one common share of the Company and one non-transferable common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire one common share of the Company at a price of C$0.45 for a period of 36 months following the issue of the Warrant. In consideration for their services, the Company has paid to certain finders cash finders' fees totaling $501,588.57 and issued 1,671,961 finders' warrants having the same terms as the Warrants. The proceeds from the Private Placement are expected to be used by the Company to complement the acquisition of the Zimapan mine (refer to the news release dated April 6, 2021), to accelerate exploration activities at the Horizontes (Lomo del Toro) area and for general working capital and corporate purposes. All securities issued or issuable under the Private Placement are subject to a four month hold period expiring on August 13, 2021 in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.About Palisades Goldcorp Ltd.Palisades Goldcorp is Canada's resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bul...