Starcore Arranges $2.5 million Financing
Vancouver, B.C. -
Starcore International Mines Ltd. (the "Company") announces
that it has arranged a non-brokered financing for gross proceeds of up to $2,530,000. The financing will be in the form of:
Where permitted by law, the Company may pay finder's fees in accordance with
regulatory policies. Warrants may be issued to registered dealers, each warrant
entitling the holder to acquire one common share of the Company at a price of
$0.15 per share for a period of 12 months from the date of closing. The
proceeds from this private placement will be added to working capital and will
be used for ongoing mine exploration and development of San Martin, the
Company's gold and silver producing mine located 50 km east of the City of
Queretaro in Queretaro State, Mexico.
In addition to shareholder approval for certain portions of the financing, the
private placement is subject to Toronto Stock Exchange acceptance and required
regulatory approvals. All of the securities issued pursuant to this offering
will have a hold period expiring four months after the closing date.
This press release is not an offer or a solicitation of an offer of
securities for sale in the United States. The common shares of Starcore have not been and will not be registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from registration.
For more information on the Company visit our website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
Signed "Robert Eadie"
Robert Eadie, Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
The Toronto Stock Exchange has not
reviewed nor does it accept responsibility for the adequacy or accuracy of this