(SIL.V) Jan. 11, 2019 – SilverCrest Metals Inc. reports that the non-brokered private placement announced Dec. 17, 2018 with Pierre Beaudoin has been completed. The private placement is comprised of 100,000 units at a price of $2.92 per unit for gross proceeds of $292,000.
Each unit consists of one common share and half of a share-purchase warrant, with each whole warrant exercisable for one common share of SilverCrest at a price of $4.03 per share for a term of two years. No commissions or finder’s fees were paid in connection with this placement.
As Beaudoin is the chief operating officer of the company, the placement constitutes a related-party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company has relied on the exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101 with respect to related-party participation.
A material change report was not filed more than 21 days prior to closing of the placement due to the timing of the announcement and closing occurring in less than 21 days. The shares and warrants issued under the private placement and the shares issuable upon exercise of the warrants are subject to a hold period that expires on May 11. Net proceeds from the private placement will be used for general working capital purposes.
SilverCrest is a Canadian precious metals exploration company headquartered in Vancouver 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 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.Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.