Vancouver, British Columbia — Further to its press release of August 10, 2015 announcing the closing of the Company's amalgamation with Cortez Gold Corp., Starcore International Mines Ltd. (TSX:SAM) ("Starcore" or the "Company") announces that, subject to regulatory acceptance, it proposes to issue 15,972,810 shares at a deemed value of $0.14 per share in full and complete settlement of outstanding debt in the aggregate amount of US$1,500,000 owed to certain creditors.
The debt relates to outstanding loans that were incurred in 2014 to complete construction of the Altiplano gold and silver processing plant in Matehuala, Mexico (the "Altiplano Plant"), which is owned by Cortez Gold Corp., now a wholly-owned subsidiary of the Company. Shares issuable in connection with the debt settlement will be subject to a four month hold period.
Upon receipt of regulatory acceptance and completion of the debt settlement, there will be 196,587,207 common shares issued and outstanding, subject to shares being issued pursuant to outstanding share purchase warrants.
About Starcore
Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiary, Compañia Minera Peña de Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro, Mexico. Starcore is a public reporting issuer on the TSX. Starcore is also engaged in owning, acquiring, exploiting, exploring and evaluating mineral properties, and either joint venturing or developing these properties further. Starcore has interests in properties located in Mexico, Canada and the United States. For more information concerning Starcore, see documents filed under its profile on SEDAR, or visit its website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINES LTD.
Signed "Robert Eadie"
Robert Eadie, President & Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
ROBERT EADIE:
Telephone: (416) 640-1936
EVAN EADIE
Investor Relations
Telephone: (416) 640-1936
Toll Free: 1-866-602-4935
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release
Original Article: http://www.starcore.com/s/news-releases.asp?ReportID=719094
