April 12, 2011
. — Further to its press release of March
25, 2011, Starcore International Mines Ltd. (the “Company”) announces
that it has closed on its non-brokered financing for gross proceeds of
$2,543,000. The financing was in the form of:
- 10,170,905 Units at $0.11 per Unit (a “Unit”),
each Unit comprised of one common share of the Company (a “Common
Share”) and one-half of one transferable share purchase warrant (a
“Warrant”). Each whole Warrant entitles the holder to acquire one
common share of the Company at a price of $0.15 to April 7, 2013.
- 12,947,276 Special Warrants at $0.11 per Special
Warrant, each Special Warrant exercisable, at no additional cost, into
Of the 23,118,181 Units and Special Warrants issued by the
Company (the “Securities”), Sprott Asset Management subscribed for an
aggregate of 15,040,000 of the Securities, and Sprott Private Wealth
subscribed for an aggregate of 3,260,000 of the Securities, or a total
of 18,300,000 Securities subscribed for by the Sprott group of funds.
Finders’ fees applied in this transaction in the form of cash
commissions in the aggregate amount of $148,362.05 and 2,147,910
non-transferable Finder’s Warrants to registered dealers, each Warrant
entitling the holder to acquire one common share of the Company at a
price of $0.15 to April 7, 2012.
Pursuant to TSX policies, the exercise of the Special Warrants and
1,187,455 Finder’s Warrants will be subject to shareholder approval,
which approval will be sought at the extraordinary meeting of
shareholders scheduled for June 3, 2011. The Special Warrants will be
deemed to be exercised on the date which is two business days after the
receipt of shareholder approval for the exercise of the Special
Warrants. If shareholder approval is not received, the funds relating
to the purchase of the Special Warrants will be returned to subscribers.
All securities issued pursuant to the private placement are subject to a four month hold period to August 8, 2011.
The proceeds from this private placement will be added to working
capital and will be used for ongoing mine exploration and development of
San Martin, the Company’s gold and silver producing mine located in
For more information on the Company visit our website at www.starcore.com
ON BEHALF OF STARCORE INTERNATIONAL
Signed “Robert Eadie”
Robert Eadie, Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT: Robert Eadie
Toll Free: 1-866-602-4935 / Facsimile: 1-604-602-4936
The Toronto Stock Exchange has not reviewed nor does it
accept responsibility for the adequacy or accuracy of this press
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