San Marco Completes Private Placement

San Marco Resources Inc.(TSXV:SMN) announced the closing of a non-brokered private placement for gross proceeds of $413, 100. The placement was previously announced on May 30, 2012.

As quoted in the press release:

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 $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 will expire in 30 days.

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