#Mining #Stock News: #SilverCrest
(TSX: $SIL.TO; NYSE: $SILV) Closes C$92 Million Bought Deal Financing Including
C$12 Million Over-Allotment Option Exercised in Full
Vancouver,
British Columbia - December 18, 2019 (Investorideas.com Newswire) SilverCrest
Metals Inc. (TSX:
SIL.TO; NYSE
American: SILV)
("SilverCrest" or the "Company") is pleased to announce the
completion of its prospectus offering announced on December 3, 2019 whereby the
Company issued a total of 12,650,000 common shares at a price of C$7.28 per
common share for gross proceeds of C$92,092,000, including exercise of the
over-allotment option in full (the "Offering"). The Offering was led
by National Bank Financial Inc., Desjardins Capital Markets and Scotiabank on
behalf of a syndicate of underwriters that included Eight Capital, Canaccord
Genuity Corp., PI Financial Corp., RBC Dominion Securities Inc., Cormark
Securities Inc., BMO Capital Markets, Beacon Securities Limited and Roth
Capital Partners, LLC. The Company plans to use the net proceeds of the
Offering for continued exploration and development of the Company's Las Chispas
Project and for general working capital and administrative purposes.
Read this news in
full at https://www.investorideas.com/CO/SILV/news/2019/12181BoughtDealFinancing.asp
To
the knowledge of the Company, insiders of the Company purchased 84,400 common
shares of the Company in the Offering. The participation of such insiders in
the Offering constituted "related party transactions", within the
meaning of Multilateral Instrument 61-101 ("MI 61-101"). The Company
has relied on the exemptions from the formal valuation and minority shareholder
approval requirements of MI 61- 101 contained in sections 5.5(a) and 5.7(1)(a)
of MI 61-101 in respect of the related party participation in the Offering as
neither the fair market value (as determined under MI 61-101) of the subject
matter of, nor the fair market value of the consideration for, the transaction,
insofar as it involved the interested parties, exceeded 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. The Company agreed to extend
the time period during which SSR Mining must exercise such right to January 17,
2020 (45 days from the date that SilverCrest gave SSR Mining notice of the
Offering).
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 of where all the known mineral resources 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. 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
No
securities regulatory authority has either approved or disapproved of the
contents of this news release.
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