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San Marco Resources Inc. (TSXV:SMN) is arranging a non-brokered private placement of 7,000,000 units at $0.10 per unit for gross proceeds of $700,000.
As quoted in the press release:
Each unit will consist of one common share and one-half of a non-transferable warrant, each whole warrant exercisable to purchase a further share for 24 months at $0.20. After the four month restricted resale period expires, the expiry of the warrants may be accelerated if the closing price of the Company’s shares exceeds $0.40 per share for 20 consecutive trading days and the Company gives notice to the warrant holders that the warrants must be exercised or the warrants will expire in 30 days.
Click here to read the San Marco Resources (TSXV:SMN) press release
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