Santacruz Silver Mining Ltd’s Successful First Offering of Promissory Notes
Santacruz Silver Mining Ltd, a TSX-V listed company with the ticker symbol SCZ and OTC symbol SZSMF, recently announced significant progress in its financing efforts. The company’s Bolivian subsidiary, San Lucas S.A, successfully completed the first offering of promissory notes under its San Lucas Promissory Notes Issuance Program.
Financing Details
The oversubscribed sale raised 70 million Bolivian Bolivianos, which translates to approximately CAD 10.3 million based on the current exchange rate. The promissory notes have a maturity of 12 months and bear an interest rate of 12% per annum.
Impact on Santacruz Silver Mining
This successful first offering of promissory notes signifies a significant milestone for Santacruz Silver Mining. The funds raised will be used to advance the exploration and development of the company’s projects in Bolivia, particularly the flagship San Lucas Project. The San Lucas Project is a silver-zinc-lead-gold deposit, and the company believes that it holds the potential to become a significant silver producer.
Impact on Shareholders
The successful financing round is a positive sign for Santacruz Silver Mining’s shareholders. The funds will be used to advance the company’s projects, potentially increasing the value of their investment. Moreover, the interest rate of 12% per annum on the promissory notes indicates a strong demand for the company’s debt, further validating the confidence investors have in Santacruz Silver Mining.
Impact on the Mining Industry and the World
The successful financing round by Santacruz Silver Mining is a positive sign for the mining industry, particularly in Bolivia. The country has significant mineral resources, and successful financing rounds like this one can attract more investment and development in the sector. Moreover, the proceeds from the sale of these promissory notes can contribute to the Bolivian economy by creating jobs and generating tax revenues.
Conclusion
Santacruz Silver Mining Ltd’s successful first offering of promissory notes is a significant achievement for the company and its shareholders. The funds raised will be used to advance the exploration and development of the San Lucas Project, potentially increasing the value of investments in the company. Furthermore, the successful financing round is a positive sign for the mining industry and the Bolivian economy, attracting more investment and development in the sector.
- Santacruz Silver Mining Ltd raised 70 million Bolivian Bolivianos through the first offering of promissory notes under its San Lucas Promissory Notes Issuance Program.
- The funds will be used to advance the exploration and development of the San Lucas Project in Bolivia.
- The successful financing round is a positive sign for the mining industry and the Bolivian economy.
- The interest rate of 12% per annum on the promissory notes indicates strong demand for the company’s debt and confidence in the company.
