SilverCrest Closes US$138 Million Bought Deal Financing Including US$18 Million Over-Allotment Option Exercised in Full

Rhea-AI Summary

SilverCrest Metals Inc. (TSX: SIL | NYSE American: SILV) announced the successful completion of its prospectus offering on February 22, 2021, raising US$138,069,000 from the issuance of 15,007,500 common shares at US$9.20 per share. The offering was co-led by Scotiabank, Raymond James Ltd., and RBC Capital Markets. Proceeds will be utilized for expanding the Las Chispas project, enhancing mine design, exploring regional targets, and general working capital. Forward-looking statements regarding the use of proceeds are included, emphasizing market and regulatory risks.

Positive

• Successfully raised US$138,069,000 through a common shares offering.
• Funds will be used to expand resources at the Las Chispas project and optimize mine design.

Negative

• Future exploration and capital expenditures depend on market conditions and regulatory effects.

TSX: SIL | NYSE American: SILV

VANCOUVER, BC, Feb. 22, 2021 /PRNewswire/ - SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to announce the completion of its prospectus offering announced on February 11, 2021 for the issuance of a total of 15,007,500 common shares at a price of US$9.20 per common share for gross proceeds of US$138,069,000, including exercise of the over–allotment option in full (the "Offering"). The Offering was co–led by Scotiabank, Raymond James Ltd., and RBC Capital Markets on behalf of a syndicate of underwriters that included PI Financial Corp. and BMO Capital Markets.

The Company plans to use the net proceeds of the Offering to expand the Las Chispas resources and reserves through further drilling, to optimize the mine and processing plant design, to explore regional targets, and for general working capital purposes.

ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals exploration and development company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions and targeting production in Mexico's historic precious metal districts. The Company's current focus is on the high-grade, historic Las Chispas mining district in Sonora, Mexico. The Las Chispas Project consists of 28 mineral concessions, of which the Company has 100% ownership, where all the known mineral resources and reserves are located. SilverCrest is the first company to successfully drill-test the historic Las Chispas Property resulting in numerous high-grade precious metal discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.

FORWARD-LOOKING STATEMENTS 
This news release contains "forward–looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Such forward–looking statements concern the intended use of proceeds. Such forward–looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; timing and amount of capital expenditures; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward–looking statements as a result of the risk factors including: the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; and general market and industry conditions. Forward–looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward–looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward–looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

N. Eric Fier, CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.

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SOURCE SilverCrest Metals Inc.

FAQ

What was the total amount raised by SilverCrest in its recent offering?

SilverCrest raised a total of US$138,069,000 from its recent offering.

How many common shares did SilverCrest issue in its latest offering?

SilverCrest issued 15,007,500 common shares in its latest offering.

What is SilverCrest's plan for the proceeds from its offering?

The proceeds will be used to expand resources at the Las Chispas project, optimize mine design, explore regional targets, and cover general working capital.

Who led the recent prospectus offering for SilverCrest?

The prospectus offering was co-led by Scotiabank, Raymond James Ltd., and RBC Capital Markets.

What are the risks associated with SilverCrest's forward-looking statements?

The forward-looking statements are subject to risks including market conditions, timing of capital expenditures, and regulatory impacts.