SilverCrest Metals Inc. (TSX-V: SIL) (NYSE American: SILV) is pleased to announce that it has closed its private placement with SSR Mining Inc. previously announced on November 29, 2018.
SSRM purchased 8,220,645 common shares of the Company at a price of C$3.73 per share for a total investment of C$30,663,006 in a non-brokered private placement financing. The common shares issued pursuant to the private placement have a statutory hold period of four months and one day expiring April 8, 2019. The private placement remains subject to final approval of the TSX Venture Exchange.
SilverCrest is also pleased to announce that it has received proceeds of C$7,375,755 as a result of the exercise of 2,458,585 previously issued common share purchase warrants. Each Warrant was exercisable for one common share at a price of C$3.00. One-half Warrant was issued with each common share in the Company’s bought deal financing completed on December 6, 2016, and expired on December 6, 2018.
With the warrant exercise and the closing of the private placement with SSRM, SilverCrest has C$46 million of cash and is in a robust financial position to advance the Las Chispas Project in Sonora, Mexico.
The Company expects to be fully funded to complete the following work on the Las Chispas Project in 2019: 1) a resource update in Q1, 2019, 2) completion of a Preliminary Economic Assessment (“PEA”) in Q1, 2019, 3) the construction of an exploration decline and drifting into the high-grade Area 51 zone of the Babicanora Vein, 4) an aggressive infill and expansion drilling program to upgrade and potentially increase the high-grade precious metal resource, and 5) with a positive PEA, a Pre-Feasibility Study by the end of 2019.
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.
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