SilverCrest Announces SSR Mining Exercises Shareholder
Participation Right with $13.25 Million Private Placement
VANCOUVER, BC –January 3, 2020 - SilverCrest Metals Inc. (“SilverCrest” or the “Company”) is pleased to announce that SSR Mining Inc. (“SSR Mining”) has elected to exercise its Shareholder Participation Right pursuant to an agreement between the Company and SSR Mining dated November 28, 2018 (see news release dated November 29, 2018). Accordingly, SSR Mining has agreed to purchase 1,819,074 shares of SilverCrest for aggregate proceeds of C$13,242,859 at the same price of C$7.28 as the bought deal public offering announced by SilverCrest on December 3, 2019.
The net proceeds of the private placement will be used for continued exploration and development of the Company’s Las Chispas Project and for general working capital and administrative purposes.
The private placement is scheduled to close on or about January 10, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange.
ABOUT SilverCrest Metals INC.
SilverCrest is a Canadian precious metals exploration company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions and targeting production in Mexico's historic precious metal districts. The Company's current focus is on the high-grade, historic Las Chispas mining district in Sonora, Mexico. The Las Chispas Project consists of 28 mineral concessions, of which the Company has 100% ownership of where all the known mineral resources are located. SilverCrest is the first company to successfully drill-test the historic Las Chispas Property resulting in numerous high-grade precious metal discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
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