SECHELT, BRITISH COLUMBIA--(Marketwire - July 20, 2012) - I have acquired ownership of an additional 500,000 warrants to purchase 500,000 common shares of San Marco Resources Inc. (TSX VENTURE:SMN) of Vancouver, BC pursuant to a private placement in which I bought 1,000,000 units at a price of $0.10 per unit (each unit consisting of one common share and one-half of one warrant to purchase a further common share). Subsequent to the closing of the private placement, San Marco increased the number of warrants contained in each unit from one-half to one, resulting in my receipt of a further 500,000 warrants.
I now have ownership of a total of 2,601,000 common shares (representing 6.5% of San Marco's outstanding common shares), warrants to purchase an additional 1,500,500 common shares and options to purchase an additional 350,000 common shares. If the warrants and options were exercised, I would have ownership of 4,451,500 common shares of San Marco (representing 10.6% of the common shares then outstanding).
The shares and warrants were acquired for investment purposes under the exemption set out in section 2.5 of National Instrument 45-106 Prospectus and Registration Exemptions of the Canadian Securities Administrators for directors and officers of an issuer. Presently, I do not have any intention of acquiring any further securities of San Marco but may acquire ownership of or control over further securities in the future depending upon market circumstances.
I have filed an Early Warning Report with the British Columbia and Alberta Securities Commissions in respect of the acquisition. Copies of the Report may be obtained from SEDAR at www.sedar.com.
Contact Information:
604 740 5727
604 740 5787 (FAX)