Santacruz Silver Mining Ltd. (TSX-V:SCZ) reports that its wholly-owned subsidiary, Impulsora Minera Santacruz, S.A de C.V. has arranged a loan from a private Bolivian mining company, for US$2.3 million. The Loan bears interest at 9% per annum, is repayable July 1st, 2018, and is unsecured. In connection with the Loan the Company has agreed to issue the lender 2,000,000 warrants exercisable until the end of business on March 6, 2019, at $0.16 per share. The issuance of the warrants is subject to TSX Venture Exchange approval.
Arturo Prestamo, President and CEO of Santacruz commented “The Loan proceeds will be used to reduce our current trade payables balance which together with the recent Carrizal services agreement will assist to improve our mining operations at both Veta Grande and Rosario. Management views this as another important step in the development of the Company.”
About Santacruz Silver Mining Ltd.
Santacruz is a Mexican focused silver company with two producing silver projects (Rosario, including the Cinco Estrellas property and Membrillo Prospect, and Veta Grande) and two exploration properties, the Minillas property and Zacatecas properties. The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.
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