Vancouver, B.C. – March 1, 2012: San Marco Resources Inc. (SMN: TSX-V) announces that it has arranged a non-brokered private placement of 2,133,334 units at $0.15 per unit for gross proceeds of $320,000.
Each unit will consist of one common share and one-half of a non-transferable warrant, each whole warrant exercisable to purchase a further share for 18 months at $0.30. After the four month restricted resale period expires, the expiry of the warrants may be accelerated if the closing price of the Company’s shares exceeds $0.50 per share for 20 consecutive trading days and the Company gives notice to the warrant holders that the warrants must be exercised or the warrants will expire in 30 days.
Finders’ fees equal to 6% of the gross proceeds may be paid cash or shares. The size of the placement may be increased, or reduced, at the Company’s option and is subject to regulatory approval.
The proceeds of the placement will be used for continued exploration on its Mexican gold/silver properties Los Carlos and for general working capital.
The placement is expected to close on March 8, 2012.
For further information contact:
Robert D. Willis
Chairman & CEO
604-813-2606
[email protected]
Michael Mallard
V.P. Corporate Communications
604-506-3776
[email protected]
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Maza Drilling is a Mexican company established in 2007 in Mazatlán, Sinaloa. Our Canadian founder, Mr. Guy de Launiere, has over 20 years of international experience managing diverse drilling operations. Maza Drilling strives to compete at the highest levels in terms of recovery, effectiveness, efficiency, and affordability at every project while keeping at the forefront of technology to meet our customer’s needs in this demanding market.
