SilverCrest Metals Inc. (TSX-V:SIL) is pleased to announce the completion of its prospectus offering announced on November 15, 2016 whereby the Company issued a total of 4,550,000 units of the Company at a price of C$2.20 per Unit for gross proceeds of $10,010,000 (the “Offering”). Each Unit consists of one common share of SilverCrest and one half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one common share of SilverCrest at an exercise price of C$3.00 until December 6, 2018.
The Offering was led by National Bank Financial Inc., and included PI Financial Corp. and Canaccord Genuity Corp. as underwriters. The Company paid the underwriters a cash commission of 6% of the gross proceeds of the Offering.
SilverCrest granted the Underwriters an option (the “Underwriters’ Option”), exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the Offering, to purchase up to an additional 15% of the number of Units solely to cover over-allotments, if any, and for market stabilization purposes. The Underwriters can elect to exercise the option for Units, Common Shares only, Warrants only, or any combination thereof.
The net proceeds of the Offering will be used to continue Phase II of the exploration program at SilverCrest’s Las Chispas Property, for mineral property payments primarily related to the Las Chispas Property and for general corporate purposes.
The Offering is subject to final approval of the TSX Venture Exchange.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.
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 is led by a proven management team in all aspects of the precious metal mining sector, including the pioneering of a responsible “phased approach” business model taking projects through discovery, finance, on time and on budget construction, and production with subsequent increased value to shareholders.
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