Starcore International Mines Ltd.
TSX : SAM

Starcore International Mines Ltd.

January 24, 2012 17:59 ET

Starcore International Mines Ltd.: Private Placement Arranged

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2012) - Starcore International Mines Ltd. (TSX:SAM) (the "Company") announces it has arranged a non-brokered private placement for gross proceeds of up to $2,250,000. The private placement will consist of up to 9,000,000 Units at a price of $0.25 per unit. Each unit is comprised of one common share of Starcore and one-half of one transferable common share purchase warrant, each whole warrant exercisable for a period of two years from the date of issue to purchase one common share of Starcore at a price of $0.35 per share.

The net proceeds of the private placement will be used to repay the outstanding balance of the acquisition loan with Investec Bank (U.K.) Limited in the amount of US$3,221,041.95.

A 6% cash commission will be paid to eligible finders for such portion of the financing as may be attributable to such finders' efforts; brokers' warrants will apply to registered brokers and exempt market dealers in the form of 8% of the portion of the financing as may be attributable to such brokers' efforts.

The private placement is subject to Toronto Stock Exchange acceptance and required regulatory approvals. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date.

ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.

Robert Eadie, Chief Executive Officer

The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Starcore International Mines Ltd.
    Robert Eadie
    Chief Executive Officer
    1-604-602-4935 or Toll Free: 1-866-602-4935
    1-604-602-4936 (FAX)
    www.starcore.com