Starcore International Mines (TSX:SAM) has closed its non-brokered private placement to raise C$5 million ($5.44 million), cashing up ahead of sampling and development work at the Tortilla Project (San Juan Nepomuceno Project) in Mexico.
The company will issue 20 million units at C$0.25 per unit, which comprises one share and one-half purchase warrant.
Each whole purchase warrant will entitle holders to acquire one share at C$0.35 over a two-year period from the issue date.
The exercise period for warrants may be shortened to not less than 30 days following Starcore attains a 10-day volume weighted average price of C$0.50 or more.
As of publication date (29 October), the company has 89.86 million shares issued and outstanding.
As reported by Mining.com.au, Starcore opened the placement in August after entering a non-binding letter of intent to lease the project from Manuel Felipe Arreguin Martinez through its wholly owned subsidiary Compañia Minera Peña de Bernal.
Starcore International Mines is a precious metals explorer with a portfolio of assets spanning Canada, Mexico, and West Africa.
Write to Maddison Elliott at Mining.com.au
Images: Starcore International Mines
