/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Feb. 12, 2014 /CNW/ - Santacruz Silver Mining Ltd. (TSXV:SCZ)
("Santacruz Silver" or the "Company") is pleased to announce that, in connection with its previously announced
short form offering (the "Underwritten Offering") led by Canaccord
Genuity Corp. and including Raymond James Ltd. (the "Underwriters"), it
has increased the Underwritten Offering from C$8,750,000 to
C$10,750,000. The Company also has granted the Underwriters an option
to purchase up to 1,312,500 of additional common shares of Santacruz
Silver to cover over-allocations, if any (the "Over-Allotment Option"),
exercisable for a period of up to 30 days after the closing date (the
Over-Allotment Option together with the Underwritten Offering, the
"Offering"). If the Over-Allotment Option is fully exercised, the total
gross proceeds from the Offering will be C$12,062,500.
The proceeds from the Offering are expected to be used by the Company
for exploration and development of its projects in Mexico, and for
general working capital and corporate purposes.
Closing of the Offering is anticipated to occur on or before March 11,
2014 and is subject to certain conditions including, but not limited
to, the completion of satisfactory due diligence by the Underwriters
and the receipt of applicable regulatory approvals including approval
of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy nor shall there be any sale of any of the common
shares of the Company (the "Common Shares") in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The Common
Shares have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or the
securities laws of any state of the United States and may not be
offered or sold within the United States (as defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or pursuant to an
exemption from such registration requirements.
About Santacruz Silver Mining Ltd.
Santacruz is a Mexican focused silver company with a producing project
(Rosario); two advanced-stage projects (San Felipe and Gavilanes) and
an early-stage exploration project (El Gachi). The Company is managed
by a technical team of professionals with proven track records in
developing, operating and discovering silver mines in Mexico. Our
corporate objective is to become a mid-tier silver producer.
Arturo Prestamo Elizondo,
President, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward looking information
Certain statements contained in this news release, such as statements
regarding the anticipated use of proceeds from the Offering, the
anticipated closing date of the Offering, the satisfaction of the
conditions to closing of the Offering and corporate objectives of the
Company, constitute "forward-looking information" as such term is used
in applicable Canadian securities laws. The forward-looking information
herein is based on plans, expectations and estimates of management as
at the date hereof and is subject to certain factors and assumptions,
including: that the Company's financial condition and development plans
will not change as a result of unforeseen events, that the Company will
obtain required regulatory approvals in a timely manner, and that
future metal prices and the demand and market outlook for metals will
be consistent with management's forecasts and expectations.
Forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause plans, estimates and
actual results to vary materially from those projected in such
forward-looking information. Factors that could cause the
forward-looking information in this news release to change or to be
inaccurate include, but are not limited to, the risk that any of the
assumptions outlined above prove not to be valid or reliable, that
occurrences such as those referred to above are realized and result in
delays, or cessation to planned work, that the Company's financial
condition and development plans change, that there are delays in
regulatory approval, risks associated with the interpretation of data,
the geology, grade and continuity of mineral deposits, the possibility
that results will not be consistent with the Company's expectations, as
well as the other risks and uncertainties applicable to mineral
exploration and development activities and to the Company as set forth
in the Company's Annual Information Form and other continuous
disclosure filings filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, the
reader should not place any undue reliance on forward-looking
information or statements. The Company undertakes no obligation to
update forward-looking information or statements, other than as
required by applicable law.
SOURCE: SantaCruz Silver Mining Ltd.
For further information:
Santacruz Silver Mining Ltd.
Telephone: (604) 569-1609