Starcore International Mines Ltd. (TSX: SAM,OTC:SHVLF) (the “Company”) is pleased to announce that it has completed its non-brokered private placement (the “Financing”), raising $5,000,000 in gross proceeds through the issuance of 20,000,000 units (the “Units”) at a price of $0.25 per Unit. Each Unit consists of one share of Starcore common stock and one-half of one transferable warrant to purchase common shares (the “Warrants”), with each entire Warrant exercisable for a period of two years from the date of issuance to purchase one share of Starcore common stock at a price of $0.35 per share, provided that, if after the expiration of all resale restrictions, the closing price of the Company’s shares is equal to or greater than $0.50 per share for 10 consecutive trading days, the Company may: by notice to the Warrant Holders (which notice may be by means of a general press release), limit the remaining exercise period of the Warrants to not less than 30 days after the date of such notice.
A total consideration of $92,099.79 was paid by the Company to various eligible registrants as finder’s fees for the portion of the Financing attributable to their efforts, as well as 368,399 finder’s warrants, with similar features to the Warrants but expiring within one year.
All securities issued under this financing are subject to a retention period of four months plus one day.
The company now has 89,863,517 shares of common stock issued and outstanding.
About Starcore
Starcore International Mines is engaged in the production of precious metals with focus and experience in Mexico. While this base of production assets is complemented by exploration and development projects throughout North America, Starcore has expanded its reach internationally with the Ivory Coast project. The company is a leader in corporate social responsibility and advocates value-driven decisions that will increase long-term shareholder value. More information can be found on the investor-friendly website: www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
MINE LTD.,
Signed “Robert Eadie”
Robert Eadie, Managing Director
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