#Mining Stock News:
#SilverCrest (TSX: $SIL.TO; NYSE: $SILV) Announces C$75 Million Bought Deal
Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
Vancouver,
British Columbia - March 12, 2020 (Investorideas.com Newswire) SilverCrest
Metals Inc. (TSX: SIL.TO; NYSE American: SILV) ("SilverCrest" or the
"Company") is pleased to announce that it has entered into an
agreement with a syndicate of underwriters (the "Underwriters") led
by National Bank Financial Inc., Eight Capital Corp. and Scotia Capital Inc.,
pursuant to which the Underwriters have agreed to purchase, on a bought-deal
basis, 9,100,000 common shares of the Company ("Shares") at a price
of C$8.25 per Share for aggregate gross proceeds to the Company of C$75,075,000
(the "Offering").
Read this news
featuring SILV in full at https://www.investorideas.com/CO/SILV/news/2020/03121BoughtDealFinancing.asp
The
Underwriters have been granted an option (the "Over-Allotment
Option"), exercisable in whole or in part, at any time within 30 days
following the closing of the Offering, to purchase from the Company up to an
additional 15% of the Shares offered under the Offering.
The Company
will pay the Underwriters a cash commission of 5% of the gross proceeds of the
Offering, including any proceeds realized on exercise of the Over‑Allotment
Option, subject to reduced commission of 2.5% on maximum proceeds of up to
C$3,000,000 from the President’s List of subscribers.
The
Company intends to use the net proceeds of the Offering for the continued
exploration and development of the Company’s Las Chispas Project and for
general working capital and administrative purposes.
The
Offering is expected to close on or about April 3, 2020 and is subject to a
number of conditions, including receipt of all necessary securities regulatory
approvals and the approval of the Toronto Stock Exchange and NYSE American.
The
Offering is being made pursuant to a short form prospectus to be filed in each
of the provinces of Canada (other than Quebec) and may be offered by way of
private placement in the United States. The Offering may be also sold in such
other jurisdictions as the Company and the Underwriters may agree.
In the
event that related parties of the Company acquire Shares under the Offering,
such participation would be considered to be "related party
transactions" within the meaning of Multilateral Instrument 61‑101
("MI 61‑101"). The Company intends to rely 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 in respect of any related party
participation on the basis that neither the aggregate fair market value of the
Shares to be distributed to nor the consideration to be paid by related parties
will exceed 25% of the Company’s market capitalization as determined under MI
61‑101.
Pursuant
to an agreement between the Company and SSR Mining Inc. ("SSR
Mining") dated November 28, 2018 (see news release dated November 29,
2018), SSR Mining has a right to maintain its pro rata ownership interest of up
to 9.9% of the outstanding shares of SilverCrest. SSR Mining must exercise such
right within two business days from the date that SilverCrest gives SSR Mining
notice of the Offering.
This
news release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any state in
which such offer, solicitation or sale would be unlawful. The securities have
not been registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.
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. The Las Chispas Project consists of 28 mineral concessions, of which
the Company has 100% ownership and where all the known mineral resources of the
Company are located. SilverCrest is the first company to successfully drill‑test
the historic Las Chispas Property resulting in numerous high-grade precious
metal discoveries. The Company is led by a proven management team in all
aspects of the precious metal mining sector, including taking projects through
discovery, finance, on time and on budget construction, and production.
FORWARD-LOOKING
STATEMENTS
This
news release contains "forward-looking statements" within the meaning
of Canadian securities legislation and the United States Private Securities
Litigation Reform Act of 1995. Such forward-looking statements concern the
intended use of proceeds and the scheduled closing date for the Offering. Such
forward-looking statements or information are based on a number of assumptions,
which may prove to be incorrect. Assumptions have been made regarding, among
other things: conditions in general economic and financial markets; timing and
amount of capital expenditures; and effects of regulation by governmental
agencies. The actual results could differ materially from those anticipated in
these forward looking statements as a result of the risk factors including: the
timing and content of work programs; results of exploration activities of
mineral properties; the interpretation of drilling results and other geological
data; and general market and industry conditions. Forward-looking statements
are based on the expectations and opinions of the Company’s management on the
date the statements are made. The assumptions used in the preparation of such
statements, although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
the statements were made. The Company undertakes no obligation to update or
revise any forward-looking statements included in this news release if these
beliefs, estimates and opinions or other circumstances should change, except as
otherwise required by applicable law.
N. Eric
Fier, CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.
Chief Executive Officer
SilverCrest Metals Inc.
For
Further Information:
SilverCrest
Metals Inc.
Contact: Jacy Zerb, Investor Relations Manager
Telephone: +1 (604) 694-1730
Fax: +1 (604) 357-1313
Toll Free: 1-866-691-1730 (Canada & USA)
Email: info@silvercrestmetals.com
Website: www.silvercrestmetals.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
Contact: Jacy Zerb, Investor Relations Manager
Telephone: +1 (604) 694-1730
Fax: +1 (604) 357-1313
Toll Free: 1-866-691-1730 (Canada & USA)
Email: info@silvercrestmetals.com
Website: www.silvercrestmetals.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
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