Business
Santacruz Announces $3.0 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2020) - Santacruz Silver Mining L...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Announces $3.0 Million Private PlacementVancouver, British Columbia--(Newsfile Corp. - February 13, 2020) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") announces that it will conduct a non-brokered private placement (the \"Private Placement\") of up to 25,000,000 units (the \"Units\") at a purchase price of C$0.12 per Unit, for gross proceeds to the Company of up to C$3,000,000. Each Unit will consist of one common share of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder to acquire one common share of the Company at a price of C$0.18 per share for a period of 12 months following the closing of the Private Placement. The Company may pay a finder's fee to arm's-length finders in connection with the issue and sale of any or all of the securities under the Private Placement. The finder's fee shall consist of not more than a 5% cash payment calculated with reference to the gross proceeds of the Private Placement in relation to subscribers introduced by any particular finder. The proceeds from the Private Placement are expected to be used by the Company for general working capital and corporate purposes. All securities issued will be subject to a four month hold period, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada. Closing of the Private Placement is anticipated to occur in one or more tranches on or before February 28, 2020 and is subject to the receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.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 Santacruz Silver Mining Ltd. Santacruz is a Mexican focused silver company with two producing silver projects (Rosario and Veta Grande) and two exploration properties, the Minillas property and Zacatecas properties. The Company also owns 100% of Carrizal Mining S.A. de C.V. Carrizal Mining is a private Mexican mining company, the principal asset of which is a 20% working in...