San Marco Announces Private Placement for Gross Proceeds of $320,000

San Marco Resources Inc.(TSXV:SMN) announced the arrangement of a non-brokered private placement of 2,133,334 units. The proceeds from the placement will be used for further exploration on the Company’s Los Carlos property.

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 18 months at $0.30. 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 $0.50 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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