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San Marco Receives Further Subscriptions for $68,050 in Over-Subscribed Private Placement & Grants Stock Options
Vancouver, British Columbia--(Newsfile Corp. - February 7, 2020) - San Marco Resources Inc. (T...
About this update from Sun Summit Minerals Corp.
[{"type":"text","content":"San Marco Receives Further Subscriptions for $68,050 in Over-Subscribed Private Placement & Grants Stock OptionsVancouver, British Columbia--(Newsfile Corp. - February 7, 2020) - San Marco Resources Inc. (TSXV: SMN) announces subscriptions for a further $68,050 in its over-subscribed non-brokered private placement to raise C$ 500,000. It has now received subscriptions totalling C$ 784,849.91 and that it has closed the subscription book. The private placement now consists of 5,813,703 units at a price of $0.135 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share for $0.20 for three years. If, after four months following closing of the placement, the closing price of San Marco's shares is at least $0.40 per share for 10 trading days, San Marco may accelerate the expiry of the warrants to 30 calendar days after the expiry of that 10 trading day period. The Company will pay finders fees in cash of 7% and issue finders warrants (each exercisable to purchase one share for $0.135 for one year) of 7% to eligible finders in accordance with the policies of the TSX Venture Exchange.Completion of the placement is subject to the approval of the Exchange. San Marco also announces that it has granted options to purchase 1,200,000 common shares at a price of $0.18 per share for a period of five years. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available.About San MarcoSan Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico. The Company's principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large t...