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Santacruz Announces Increase to Equity Financing
Santacruz Announces Increase to Equity Financing Santacruz Announces Increase to E...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nSantacruz Announces Increase to Equity Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nSantacruz Announces Increase to Equity Financing\nCanada NewsWire\nVANCOUVER, June 16, 2016\n\n\n\nTSX.V: SCZ FSE: 1SZ\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nVANCOUVER, June 16, 2016 /CNW/ - Santacruz Silver Mining Ltd. (\"Santacruz\" or the \"Company\") (TSX.V:SCZ) reports that, in connection with its previously announced short form prospectus offering of units (\"Units\") at a price of C$0.40 per Unit (the \"Offering\"), it has amended its agreement with Haywood Securities Inc. (\"Haywood\"), on behalf of a syndicate including M Partners Inc. (collectively, the \"Agents\"), to increase the amount of the Offering from 26,500,000 Units to up to 32,500,000 Units for aggregate gross proceeds of up to $13,000,000.\n\nThe number of additional Units that may be acquired under the option granted to the Agents (the \"Agents' Option\") has also been increased from 3,975,000 Units to 4,875,000 Units for aggregate proceeds of up to $1,950,000.  The Agents' Option is exercisable, in whole or in part by Haywood, on behalf of the Agents, giving notice to the Company at any time up to 48 hours prior to the closing date.\n\nAs previously disclosed, each Unit will consist of one common share of Santacruz (a \"Common Share\") and one-half of one transferable common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder to acquire one Common Share (a \"Warrant Share\") at a price per Warrant Share of C$0.55 for a period of 30 months from the date of issuance. \n\nThe net proceeds of the Offering will be used by the Company to restructure the obligations owing by the Company under its current Pre-Paid Forward Silver Purchase Agreement with JMET LLC (the \"Silver Prepayment Agreement\") and for general working capital purposes. \n\nCompletion of the Offering is subject to certain conditions, including the receipt of all nece...