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SilverCrest announces C$22m financing, SSR to maintain interest

23rd July 2019

By: Creamer Media Reporter

     

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Precious metals exploration company SilverCrest has announced that it will raise C$22-million in bought deal financing, the proceeds of which will be used for advancing the Las Chispas project, in Sonora, Mexico, to feasibility study level.

SilverCrest, which trades on the TSX-V, entered into an agreement with a syndicate of underwriters led by National Bank Financial and Desjardins Capital Markets, pursuant to which they agreed to purchase, on a bought-deal basis, 3.76-million common shares at C$5.85 a share.

SilverCrest closed at C$6.25 a share on Monday.

The underwriters have been granted an option to purchase from the company up to an additional 15% of the shares offered under the offering, within a 30-day period.

SSR Mining has indicated that it will elect to exercise its right to maintain its pro rata ownership interest of up to 9.9% in SilverCrest and has agreed to purchase a minimum of 718 000 shares of SilverCrest and, in the event of exercise of the over-allotment option in full, a maximum of 780 000 shares at C$5.85 a share, for aggregate proceeds of C$4.2-million in a separate non-brokered private placement.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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