San Marco Arranging Private Placement Worth $700,000

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.

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