|By Marketwired .||
|January 27, 2014 05:41 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/27/14 -- Santa Fe Metals Corporation (TSX VENTURE:SFM) ("Santa Fe" or the "Company") announces a private placement financing of up to 10M Flow-through ("FT") and 10M Non-Flow-through ("NFT") units each at a price of CDN$0.05 per unit (the "Unit") for gross proceeds of up to CDN$1,000,000. Each FT Unit will consist of one flow-through common share and one half (1/2) common share purchase warrant. Each NFT Unit will consist of one common share and one common share purchase warrant. Each full common share purchase warrant will be exercisable at a price of CDN$0.10 per common share for a period of two years from the date of closing of the private placement.
The Company intends to use the proceeds from the flow-through common shares to incur Canadian exploration expenses as defined in the Income Tax Act (Canada) to advance drilling and other exploration activities on the Company's Sully project and to use the remaining net proceeds of the private placement for general working capital purposes. Finders' fees consisting of cash and warrants may be payable on a portion of the private placement financing. Insiders of the Company will participate in the private placement financing.
The securities issued under the private placement will be subject to a four-month hold period from the date of closing. The closing of the private placement is subject to, among other things, acceptance from the TSX Venture Exchange.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Santa Fe Metals Corporation
Scott E. Broughton, P.Eng.
President and CEO