Santacruz Announces Upsizing of Previously Announced Private Placement to CDN$14.1 Million With A Lead Order From Palisades Goldcorp
TSX.V: SCZ
FSE: 1SZ
March 18, 2021
Santacruz Announces Upsizing of Previously Announced Private Placement to CDN$14.1
Million With A Lead Order From Palisades Goldcorp
Not for distribution to United States newswire services or for dissemination in the United States
Vancouver, B.C. -- Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the "Company" or "Santacruz") is pleased
to announce that due to strong investo r demand it has increased the size of its previously annou nced non-
brokered private placement offering of units to CDN$14.1 million (the “Private Placement”), with a lead order
from Palisades Goldcorp.
The Private Placement will now consist of up to 47,000,000 units (the “ Units”) at a purchase price of
CDN$0.30 per Unit, for gross proceeds to the Company of up to CDN$14, 100,000. Each Unit will consist of
one common share of the Company and one common share purchase warrant (a “ Warrant”). Each Warrant
will entitle the holder to acquire one common share of the Comp any at a price of CDN$0.45 per share for a
period of 36 months following the issue of the Warrant.
The Company may pay a finder's fee to arm´s length finders in connection with the issue and sale of any or all
of the securities under the Private Placement.
The proceeds from the Private Placement are expected to be used by the Company to complement the
acquisition of the Zimapan mine assets , to accelerate exploration activities at the Horizontes (Lomo del Toro)
area and for general working capital and corporate purposes. All securities issued will be subject t o a four
month hold period, in addition to such other restrictions as may apply under applicable securities laws of
jurisdictions outside of Canada.
Closing of the Private Placement is anticipated to occur in one or more tranches on or before March 26 th 2021
and is subject to the receipt of applicable regulatory approvals including approval of the TSX Venture
Exchange.
This press release shall not constitute an offer to sell or solicitation of an off er to buy the securities in
any jurisdiction. The secur ities will not be and have not been registered under the United States
Securities Act of 1933 and may not be offered or sold in the United States absent registration or
applicable exemption from the registration requirements.
About Palisades Goldcorp Ltd.
Palisades Goldcorp is Canada's resource focused merchant bank. Palisades' management team has a
demonstrated track record of making money and is backed by many of the industry's most notable financie rs.
With junior resource equities valued at generational lows, management believes the sector is on the cusp of a
major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and
assets with the goal of generating superior returns.
About Santacruz Silver Mining Ltd.
Santacruz is a Mexican focused silver company that currently owns and operates the Rosario Project. The
Company also owns 100% of Carrizal Mining S.A. de C.V. On February 25, 2021 the Company anno unced
that it had entered into a definitive agreement with Minera Cedros, S.A. de C.V. (“Minera Cedros”), a wholly
owned subsidiary of Industrias Peñoles, S.A.B. de C.V., to acquire outright the Zimapan Mine and all assets
related to the Zimapan mine and m ill for US$20.0 million (plus applicable IVA of US$3.2 million), subject to a
number of conditions, including receipt of all necessary regulatory approvals including approval of the TSX
Venture Exchange (" TSXV") to the transaction which will constitute a " Fundamental Acquisition" pursuant to
TSXV Policy 5.3.
The Company is managed by a technical team of professionals with proven track records in developing,
operating and discovering silver mines in Mexico. Our corporate objective is to b ecome a mid -tier s ilver
producer.
‘signed’
Arturo Préstamo Elizondo,
Executive Chairman
For further information please contact:
Arturo Prestamo
Santacruz Silver Mining Ltd.
Email: [email protected]
Telephone: (604) 569-1609
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information in this news release under the section titled "About Palisades Goldcorp Ltd." was provided by
management of Palisades Goldcorp Ltd.
Forward looking information
Certain statements contained in this news release constitute "forward -looking information" as such term is
used in applicable Canadian securities laws , including statements relating to the Company's plans to conduct
the Private Placement, the agreement with Minera Cedros and the acquisition of the Zimapan Mine by the
Company. Forward-looking information is based on plans, expectations and estimates of management at t he
date the information is provided and is subject to certain factors and assumptions. In making the forward -
looking statements included in this news release, the Company has applied several material assumptions,
including that the Company's financial con dition and development plans do not change as a result of
unforeseen events, that the Company will receive all required regulatory approvals and that future metal prices
and the demand and market outl ook for metals will remain stable or improve. Forward -looking information is
subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual
results to vary materially from those projected in such forward -looking information. Factors that could cause
the forward-looking information in this news release to change or to be inaccurate include, but are not limited
to, failure of the Private Placement to be arranged on the proposed terms or at all; unanticipated d elays in
obtaining or failure to obtain regulatory or st ock exchange approvals; the risk that any of the assumptions
referred to above prove not to be valid or reliable; there can be no assurance that the Company will be
successful in completing the acquis ition of the Zimapan Mine (including obtaining the nece ssary funding); ;
market conditions and volatility and global economic conditions , including increased volatility and potentially
negative capital raising conditions resulting from the continued COVID -19 pandemic and risks relating to the
extent and duration of such pandemic and its impact on global markets ; risk of delay and/or cessation in
planned work or changes in the Company's financial condition and de velopment plans; risks associated with
the interpretation of data (including in respect of the third party mineralized material) regarding the geology,
grade and continuity of mineral deposits; the uncertainty of the geology, grade and continuity of minera l
deposits and the risk of unexpected variation s in mineral resources, grade and/or recovery rates; risks related
to gold, silver, base metal and other commodity price fluctuations; risks relating to environmental regulation
and liability; the possibility that results will not be consistent with the Co mpany's expectations, as well as the
other risks and uncertainties applicable to mineral exploration and development activities and to the Company
as set forth in the Company's continuous disclosure filings fi led under the Company's profile at
www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those anticip ated in such statements. Accordingly,
the reader should not place any undue reliance on forward -looking information or statements. The Company
undertakes no obligation to update forward -looking information or statements, other than as required by
applicable law.