RE:RE:RE:RE:Sorry The article did not post properly. Try againThis is what is happening in the silver market. SIL started off around 10 cents a couple years ago and now it is over $6. Just need the right management team that is motivated to increase shareholder value.
Silvercrest arranges $22-million bought deal financing
2019-07-23 10:10 ET - News Release
Mr. Eric Fier reports
SILVERCREST ANNOUNCES C$22 MILLION BOUGHT DEAL FINANCING; SSR MINING TO EXERCISE ITS RIGHT TO MAINTAIN ITS PRO RATA INTEREST OF 9.9%
Silvercrest Metals Inc. has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and Desjardins Capital Markets, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 3,762,000 common shares of the company at a price of $5.85 per share for aggregate gross proceeds to the company of $22-million.
The Underwriters have been granted an option (the "Over-Allotment Option"), exercisable in whole or in part, at any time within 30 days following the closing of the Offering, to purchase from the Company up to an additional 15% of the Shares offered under the Offering.
The Company will pay the Underwriters a cash commission of up to 5% of the gross proceeds of the Offering, including any proceeds realized on exercise of the Underwriters' Option, subject to reduced commission of 2.5% on maximum proceeds of $500,000 received from President's List subscribers.
SSR Mining Inc. ("SSR Mining") has indicated that it will elect to exercise its right to maintain its pro rata ownership interest of up to 9.9% of the outstanding shares of SilverCrest pursuant to an agreement between the Company and SSR Mining dated November 28, 2018 (see news release dated November 29, 2018). Accordingly, SSR Mining has agreed to purchase a minimum of 718,000 shares of SilverCrest and, in the event of exercise of the Over-Allotment Option in full, a maximum of 780,000 shares of SilverCrest at a price of C$5.85 for aggregate proceeds of C$4.2 million (maximum C$4.6 million) in a separate non-brokered private placement.
The net proceeds of the Offering will be used for continued exploration and advancement of the Las Chispas Project to feasibility level and for working capital purposes.
The Offering is scheduled to close on or about August 15, 2019 and is subject to a number of conditions, including receipt of all necessary securities regulatory approvals and the approval of the TSX Venture Exchange.
The Offering is being made pursuant to a short form prospectus to be filed in each of the provinces of Canada (other than Quebec) and may be offered in the United States to Qualified Institutional Buyers pursuant to exemptions from the registration requirements under rule 144A of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), in a manner that does not require the Offering to be registered in the United States. The Offering may be also sold in such other jurisdictions as the Company and the Underwriters may agree.
In the event that related parties of the Company acquire Shares under the Offering, such participation would be considered to be "related party transactions" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). The Company intends to rely on the exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of any related party participation on the basis that neither the aggregate fair market value of the Shares to be distributed to nor the consideration to be paid by related parties will exceed 25% of the Company's market capitalization as determined under MI 61-101.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals exploration company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions and targeting production in Mexico's historic precious metal districts. The Company's current focus is on the high-grade, historic Las Chispas mining district in Sonora, Mexico. SilverCrest is the first company to successfully drill-test the historic Las Chispas Project resulting in numerous discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.