Mr. Eric Fier reports
SILVERCREST CLOSES $17,250,345 BOUGHT DEAL FINANCING, OVER-ALLOTMENT OPTION EXERCISED IN FULL
Silvercrest Metals Inc. has completed its prospectus offering announced on April 26, 2018, whereby the company issued a total of 8,214,450 common shares at a price of $2.10 per common share for gross proceeds of $17,250,345, including exercise of the overallotment option in full. The offering was led by PI Financial Corp. and Cormark Securities Inc. and included Beacon Securities Ltd., Eight Capital, National Bank Financial Inc., BMO Capital Markets, Desjardins Securities Inc. and Canaccord Genuity Corp. as underwriters. The company paid the underwriters a cash commission of up to 6 per centof the gross proceeds of the offering.
The company plans to use the net proceeds of the offering for updating the resource estimate and preparation of a preliminary economic assessment at the Las Chispas property; expansion and infill drilling along multiple veins at the Las Chispas property and Area 51 exploration decline at the Las Chispas property; assays, underground channel sampling, mapping, sampling and metallurgical test work on historical in situ and muck material at the Las Chispas property; baseline work, additional surface rights acquisitions, water exploration and permitting at the Las Chispas property; option payments for the company's Las Chispas property; and general working capital and administrative purposes.
About Silvercrest Metals Inc.
Silvercrest is a Canadian precious metal exploration company headquartered in Vancouver, B.C., that is focused on new discoveries, value-added acquisitions and targeting production in Mexico's historical precious metal districts. The company's current focus is on the high-grade, historical Las Chispas mining district in Sonora, Mexico. Silvercrest is the first company to successfully drill test the historical Las Chispas project resulting in numerous discoveries.
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