San Marco increases Private Placement to $1.6 Million - Aug 10, 2009
Vancouver, B.C. -- August 10, 2009: San Marco Resources Inc. (SMN: TSX-V) announces that, to accommodate further over-subscriptions, it has increased its private placement announced on July 16, 2009 and July 30, 2009 for a second and final time to 6,410,000 (from 6,000,000) units at $0.25 each for proceeds of $1,602,500 (from $1,500,000). Each unit will consist of one common share and one-half of a non-transferable warrant, each whole warrant being exercisable to purchase a further share for a period of two years at a price of $0.45 in the first year and $0.65 in the second year. The warrants will provide that if the closing price of the Company's shares exceeds $0.90 per share for 20 consecutive trading days after the four month restricted resale period expires, the Company may give notice to the warrantholders that the warrants must be exercised or the warrants will expire in 30 days. The placement is subject to regulatory approval.
The proceeds of the placement will be used for general working capital including the costs of examination and acquisition of new mineral properties.
ABOUT SAN MARCO RESOURCES INC.
San Marco Resources Inc. is a Tier 2 natural resource company on the TSX Venture Exchange, trading symbol SMN, with 7,732,329 shares issued. The Company's 100% owned Alwin Copper Mine is located in south-central British Columbia, 18 kilometres west of the town of Logan lake and contiguous to the Highland Valley Copper mine operated by Teck Resources Ltd. which has an annual production of 160,000 tonnes of copper.
For further information contact:
Bob Willis: 604-813-2606
Mike Mallard: 604-506-3776
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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