SilverCrest Metals announces US$120 million bought deal financing

Drilling at the SilverCrest Las Chispas property in Sonora, Mexico. Source: SilverCrest Metals Inc.

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SilverCrest Metals Inc. [SIL-TSX; SILV-NYSE American] has entered into an agreement with a syndicate of underwriters co-led by Scotiabank, Raymond James Ltd., and RBC Capital Markets, whereby the Underwriters have agreed to purchase, on a bought-deal basis, 13,050,000 common shares of the company at a price of US$9.20 per share for aggregate gross proceeds to the company of US$120 million.

The underwriters have been granted an option, exercisable in whole or in part, at any time within 30 days following the closing of the offering, to purchase from the company up to an additional 15% of the shares offered under the offering.

The principal objectives for use of the net proceeds of the offering are to expand the Las Chispas Project resources and reserves through further drilling, to optimize the mine and processing plant design, to explore regional targets, and for general working capital purposes.

The offering is expected to close on or about February 22, 2021 and is subject to a number of conditions and approvals.

A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in all provinces of Canada (except Québec).

SilverCrest Metals is focused on new discoveries, value-added acquisitions and targeting production in Mexico’s historic precious metal districts. The company’s current focus is on the 100%-owned high-grade, historic Las Chispas mining district in Sonora, Mexico.


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