Vancouver, B.C. — Further to its press release of November 18, 2009, Starcore International Mines Ltd. (the “Company”) announces that it has closed on its non-brokered financing for gross proceeds of $2.2 million. The financing was in the form of:
- 15,000,000 Units at $0.10 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 November 26, 2010.
- 7,000,000 Special Warrants at $0.10 per Special Warrant, each Special Warrant exercisable, at no additional cost, into one Unit.
A finder’s fee applied in this transaction in the form of a cash commission of $128,975 and 1,842,500 non-transferable Agent Warrants, each Warrant entitling the holder to acquire one common share of the Company at a price of $0.15 to November 26, 2010.
Pursuant to TSX policies, the exercise of the Warrants, Special Warrants and Agent Warrants will be subject to shareholder approval, which approval will be sought at the annual meeting of shareholders scheduled for January 18, 2010. 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.
All securities issued pursuant to the private placement are subject to a four month hold period to March 27, 2010.
The proceeds from this private placement will be added to working capital and will be used for mine development.
For more information on the Company visit our website at www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL
Signed “Robert Eadie”
Robert Eadie, President
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 release.