Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Vancouver-based SilverCrest Metals (TSXV: SIL) today announced that SSR Mining has agreed to purchase 8,220,645 common shares of the Company at a price of $3.73 per share for a total investment of $30.6 million in a non-brokered private placement financing.
SSR will own 9.9% of the outstanding common shares of SilverCrest on a non-diluted basis. The private placement is expected to close on or about December 7, 2018, subject to regulatory approvals.
The common shares issued to SSR upon closing of the private placement will have a statutory hold period of four months and one day from the closing date.
The company plans to use the proceeds for the exploration and development of the Las Chispas silver-gold project in Mexico.
As of Thursday afternoon, Silvercrest’s stock was up 4%.
