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Santacruz Announces Upsizing of Previously Announced Private Placement to CDN$9.5 Million
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2020) - Santacruz Silver Mining ...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Announces Upsizing of Previously Announced Private Placement to CDN$9.5 MillionVancouver, British Columbia--(Newsfile Corp. - September 30, 2020) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") is pleased to announce that due to strong investor demand it has increased the size of its previously announced non-brokered private placement offering of units of the Company to CDN$9.5 million (the \"Private Placement\").The Private Placement will consist of up to 43,181,818 units (the \"Units\") at a purchase price of C$0.22 per Unit, for gross proceeds to the Company of up to C$9,500,000. 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$0.30 per share for a period of 36 months following the issue of the Warrant. 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. Red Cloud Securities Inc. is acting as a finder in connection with the Private Placement. The proceeds from the Private Placement are expected to be used by the Company to purchase underground equipment for its Zimapan property and 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 October 14, 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 that currently owns and operates the Rosario Project. The Company also owns 100% of Carrizal Mining S.A. de C.V. Carrizal Mining holds a 20% working interest i...