SilverCrest Completes Private Placement;
Amends $3.0 Million Macquarie Finance Facility
TSX-V:
SVL
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For Immediate Release
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Vancouver, B.C. March 20,
2008 � SilverCrest
Mines Inc. (the �Company�) is pleased to announce the following:
Increased Private Placement and
Second Closing
The Company�s previously announced
non-brokered private placement of 5,000,000 Units at $1.10 per Unit
was over-subscribed.� The Company
obtained regulatory approval to complete an increased private placement of
5,562,214 Units for gross proceeds of $6,118,435.
The
Company has completed a second closing for the balance of the increased
private placement for gross proceeds of $2,628,597.� In the second closing, the Company issued
2,389,634 Units, of which 1,818,180 Units were issued to
Macquarie Bank Limited (�Macquarie�) in connection
with its commitment to make a $1.99 million equity investment in the
Company.� Each Unit consisted of one
common share of the Company and one-half of a common share purchase warrant.� Each whole warrant is exercisable for one
common share of the Company at a price of $1.40 per share until September 19, 2009.� The common shares and warrants comprising
the Units issued in the second closing are subject to a four‑month
hold period expiring on July 20,
2008.� The private
placement is subject to final acceptance of the TSX Venture Exchange.
The
Company agreed to pay finders� fees on a portion of the private placement
of 6% payable in cash plus share purchase warrants equal to 6% of Units
purchased.� Each finder�s warrant is
exercisable to purchase one common share of the Company at a price of $1.40
for a period of 18 months.� A total
of $146,052 is payable and a total of 132,774 finder�s warrants are
issuable by the Company for finders� fees in connection with the entire
private placement.
The
net proceeds of the private placement will be used for exploration and
development of the Company�s projects, acquisitions and working capital.
Amended Macquarie
Feasibility Finance Facility
The
Company has received regulatory approval for a revised commitment letter of
offer dated March 11,
2008 from Macquarie for the previously announced US$3.0 million
feasibility finance credit facility (the �Finance Facility�) to fund
expenditures in relation to the completion of feasibility studies at the
Company�s Santa Elena Project in Mexico.
The
Finance Facility will now be denominated in Canadian dollars (Cdn.$3.0
million) and bear interest at the Canadian dollar LIBOR rate plus
2.75% per annum on amounts drawn down.�
Outstanding amounts under the Finance Facility will now be repayable
by the earlier of May 28,
2010 and when financing arrangements are made for the
development of the Santa Elena Project.
The
Company will now issue 2,307,692 warrants to Macquarie.� The warrants will vest pro rata with
drawdowns under the Finance Facility and will expire on May 28, 2010.� Each vested warrant will be exercisable
to purchase one common share of the Company at a price of Cdn.$1.30.� The proceeds of any warrant exercise are
to be firstly applied to repay any outstanding amounts under the Finance
Facility.
SilverCrest Mines Inc. is a �Silver Focused� exploration and development
company with a portfolio of high grade silver deposits and exploration
properties located in Mexico and El
Salvador. This property portfolio, which
includes reported indicated and inferred silver resources and substantial
exploration potential, provides an important base from which SilverCrest
can develop its corporate objective of becoming a significant silver asset
based company. The Company�s immediate initiative is to acquire and develop
substantial silver resources and ultimately to operate high grade silver
mines throughout North, Central and South America.
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NOT FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES.
The securities issued by the Company have not and will not be
registered under the United States Securities Act of 1933, as amended (the �1933
Act�), or the securities laws of any state of the United States, and may
not be offered or sold in the United States absent registration or an
applicable exemption therefrom under the 1933 Act and the securities laws
of all applicable states.
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