#Mining #Stock News: #SilverCrest
(TSX: $SIL.TO; NYSE: $SILV) Announces SSR Mining Exercises Participation Right
with C$27 Million Private Placement
Vancouver,
British Columbia - April 21, 2020 (Investorideas.com Newswire) SilverCrest
Metals Inc. (TSX:
SIL.TO; NYSE
American: SILV)
("SilverCrest" or the "Company") is pleased to announce
that SSR Mining Inc. ("SSR Mining") has elected to exercise its
equity participation right pursuant to an agreement between the Company and SSR
Mining dated November 28, 2018 (see news release dated November 29, 2018).
Accordingly, SSR Mining has agreed to purchase 3,597,291 shares of SilverCrest
("SSR Mining Placement") for aggregate proceeds of C$26,979,682.50 at
the same price of C$7.50 as the non-brokered private placement offering
announced by SilverCrest on April 13, 2020 and closed, as announced, on April
17, 2020.
Read this news
featuring SILV in full at https://www.investorideas.com/CO/SILV/news/2020/04211SSRMining-PrivatePlacement.asp
The
net proceeds of the SSR Mining Placement will be used for continued exploration
and development of the Company's Las Chispas Project and for general working
capital and administrative purposes. Following completion of the SSR Mining
Placement, SilverCrest will have a cash balance of C$234 million in its
treasury.
The
SSR Mining Placement is scheduled to close on or about April 24, 2020, subject
to certain conditions, including the receipt by SilverCrest of all necessary
regulatory approvals, and the shares purchased by SSR Mining will be subject to
a hold period of four months and one day.
In
conjunction with the SSR Mining Placement, SSR Mining has advised SilverCrest
that it has entered into a transaction with 2176423 Ontario Ltd., a corporation
beneficially owned by Mr. Eric Sprott, whereby SSR Mining has agreed to sell
the 3,597,291 SilverCrest common shares acquired pursuant to the SSR Mining
Placement to Mr. Sprott at a price of C$7.65 per common share pursuant to
available exemptions under applicable Canadian securities laws. The shares
acquired by Mr. Sprott will continue to be subject to the original hold period
of four months and one day. Following such disposition, SSR Mining advises that
it will retain ownership of 9,000,645 common shares, representing 7.1% of
outstanding shares of SilverCrest.
The
common shares of the Company mentioned 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'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. 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
NOT
FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
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