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SilverCrest Announces Closing of Equity Participation Right by SSR Mining

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SilverCrest Metals Inc. (TSX-V:SIL) is pleased to announce that it has closed the private placement with SSR Mining Inc. previously announced on July 23, 2019 pursuant to which SSR Mining elected to exercise its equity participation right to maintain a 9.9% interest in SilverCrest.

 

SSR Mining purchased 780,000 common shares of the Company at a price of C$5.85 per share for a total investment of C$4,563,000. The common shares have a statutory hold period of four months and one day expiring December 17, 2019. The private placement remains subject to final approval of the TSX Venture Exchange.

 

  1. Eric Fier, CPG, P.Eng and CEO commented, “We are pleased that SSR Mining has elected to exercise its equity participation right and maintain its 9.9% holding in SilverCrest. This further investment by SSR Mining is an important endorsement of the Las Chispas project from a mining company that has an established reputation and track record of financial discipline and operating performance.”

 

With the closing of the bought deal public offering (see news release dated August 15, 2019) and exercise by SSR Mining of its equity participation right, SilverCrest has C$49 million of cash and is in a robust financial position to advance the Las Chispas Project in Sonora, Mexico.

 

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 metals mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.

 

Posted August 19, 2019

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