San Marco Raises $1.785 Million in Private Placement

San Marco Resources Inc. (TSXV:SMN) reports that the company has closed its private placement of 5,100,000 units at $0.35 per unit.

The press release is quoted as saying:

Each unit consisted of one common share and one-half of a non-transferable warrant, each whole warrant exercisable to purchase a further share for 18 months at a price of $0.55. If the closing price of the Company’s shares on the TSX Venture Exchange for 10 consecutive trading days after February 22, 2011 equals or exceeds $1.00 per share, the Company may accelerate the expiry of the Warrants to 20 trading days after notice thereof to the warrant holders. The proceeds of the placement will be used for continued exploration on its Mexican gold/silver properties Tecomate and La Buena, and for general working capital.

Click here to access the entire press release

Click here to San Marco Resources Inc. Corporate Site