Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Spanish Mountain Gold Ltd. (“the Company”) (TSX VENTURE:SPA) is pleased to announce that it has closed its private placement offering (the “Offering”), previously announced on June 30, 2011.
Pursuant to the Offering, 33,333,328 units (the “Units”) have been placed at a price of $0.60 per unit for total gross proceeds of approximately CAD$20,000,000. Due to stronger than expected investor demand, the size of the Offering was increased by 8,333,328 Units for additional proceeds of $5,000,000. Each Unit consisted of one common share and one-half of one share purchase warrant (“Warrant”), with each whole Warrant entitling the holder to acquire an additional common share of the Company at a price of $0.70 per share for a period of two years.
