San Marco Closes Oversubscribed $439,550 Unit Private Placement

http://www.juniorminingnetwork.com/junior-miner-news/press-releases/518-tsx-venture/smn/18938-san-marco-closes-oversubscribed-439-550-unit-private-placement.html

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VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 25, 2016) – San Marco Resources Inc. (TSX VENTURE:SMN) has closed its private placement announced March 15, 2016. Originally proposed to raise $150,000, the placement was significantly over-subscribed and raised gross proceeds of $439,550 by the issuance of 8,791,000 (formerly 3,000,000) units at $0.05 per unit. Finders’ fees of 7% were paid by the issuance of 391,370 shares to qualified finders in respect of a portion of the units sold.

Each unit consisted of one common share and one non-transferable warrant, each warrant exercisable to purchase a further share for a period of three years at $0.05 per share in the first year, $0.10 per share in the second year and $0.15 per share in the third year. After the four month restricted resale period expires on August 22, 2016, the expiry of the warrants may be accelerated if the closing price of San Marco’s shares equals or exceeds, for 15 consecutive trading days, $0.10 per share in the first year, $0.20 per share in the second year or $0.30 per share in the third year and San Marco gives notice to the warrant holders advising, and issues a news release announcing, within two trading days after such 15 day period, that the warrants will expire in 20 trading days.

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