SilverCrest closes $27 Million financing with SSR Mining

SilverCrest Metals Inc. [SIL-TSX; SILV-NYSE American] has closed a private placement with SSR Mining Inc. [SSRM-TSX, NASDAQ] under which SSR Mining elected to exercise its equity participation right.

SSR Mining purchased 3,597,291 common shares of SilverCrest at a price of C$7.50 per share for a total investment of C$26,979,682.50. The common shares have a statutory hold period of four months and one day expiring August 25, 2020.

With the closing of the non-brokered private placement offering and exercise by SSR Mining of its equity participation right, SilverCrest is in a robust financial position to advance the high-grade precious metal Las Chispas Project in Sonora, Mexico with a cash balance of C$234 million in its treasury.

In conjunction with closing of the SSR Mining placement, SSR Mining has advised SilverCrest that it has entered into a transaction for resale of the common shares with 2176423 Ontario Ltd., a corporation beneficially controlled by Eric Sprott.

SilverCrest is focused on new discoveries, value├óΓé¼ΓÇÿadded acquisitions and targeting production in Mexico’s historic precious metal districts. The company’s current focus is on the high├óΓé¼ΓÇÿgrade, historic Las Chispas mining district in Sonora State. The Las Chispas Project, 180 km northeast of Hermosillo, consists of 28├é mineral concessions, of which the company has 100% ownership of where all the known mineral resources are located. SilverCrest is the first company to successfully drill├óΓé¼ΓÇÿtest the historic Las Chispas Property resulting in numerous high├óΓé¼ΓÇÿgrade precious metal discoveries. ├é A├é Feasibilty Study is currently underway and├é is planned for completion in the summer of 2020.