In the second tranche of a C$5 million ($5.45 million) placement, Starcore International Mines (TSX:SAM) has reported investors to oversubscribe from the originally intended raising.
The company raised $2.66 million in its first tranche through the issue of 10.65 million units, comprising 10.65 million shares and 5.32 million warrants.
Starcore also issued an additional 183,680 warrants to finders in the first tranche.
CEO Robert Eadie explains that Starcore has had to cap the subscriptions for this offering, grateful for the new shareholders that reflect the company’s “broadening global reach”.
“With tranche two largely oversubscribed, we are very pleased to have received the support from so many investors from seven different countries wanting to participate in this financing,” Eadie says.
As reported by Mining.com.au, the company opened the private placement to fund sampling and development programs at the San Juan Nepomuceno Project in Mexico, otherwise referred to as the Tortilla Project.
Starcore International Mines is a precious metals producer and explorer with a portfolio of assets spanning Canada, Mexico, and West Africa.
Write to Maddison Elliott at Mining.com.au
Images: Starcore International Mines
