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Santacruz Silver Mining Ltd Announces CAD30 Million Bought Deal Common Share Financing


Wednesday, 23 Jan 2013 07:08am EST 

Santacruz Silver Mining Ltd announced that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. (the Underwriters), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis pursuant to a short form prospectus, 16,250,000 common shares (the Common Shares) of the Company at a price of CAD1.85 per Common Share for gross proceeds of CAD30,062,500 (the Underwritten Offering). In addition, the Company has granted the Underwriters an option to purchase additional Common Shares at the Offering price to raise additional gross proceeds of up to 15% of the Offering (the Over-Allotment Option), exercisable for a period of up to 30 days after the closing date (the Over-Allotment Option, and together with the Underwritten Offering, the Offering). The Underwriters will receive a cash fee on the sale of the Common Shares equal to 6% of the gross proceeds raised, and broker warrants (Broker Warrants) equal to 6% of the Offering. Each Broker Warrant shall be exercisable for one common share of the Company at the issue price of the Offering at any time up to 24 months after closing. The proceeds from the Offering are expected to be used by the Company for exploration and development of projects in Mexico, and for general working capital and corporate purposes. Closing of the Offering is anticipated to occur on or before February 19, 2013. 

Company Quote

0.86
0.01 +1.18%
25 Jul 2014