#Mining Stock News: National Bank Financial Purports to Terminate Bought Deal Financing with SilverCrest Metals Inc. (TSX: $SIL.TO; NYSE: $SILV)
Vancouver, British Columbia - March 18, 2020 (Investorideas.com Newswire) SilverCrest Metals Inc. (TSX: SIL.TO; NYSE American: SILV) ("SilverCrest") announces that it has received notice from National Bank Financial Inc. ("NBF") purporting to terminate its obligations pursuant to an agreement dated March 11, 2020 (the "Agreement") whereby NBF had asked for and agreed to purchase on a "bought deal" basis 9,100,000 common shares at price of $8.25 per common share. The "bought deal" financing was announced by SilverCrest on March 11, 2020. NBF advised SilverCrest that the reason for the purported termination was based on the "disaster out" clause of the Agreement.
The Agreement between SilverCrest and NBF created a binding legal obligation on the part of NBF to complete the transaction as is customary in Canada for "bought deal" financings. SilverCrest is of the view that NBF is not entitled to terminate the Agreement. In SilverCrest's opinion, the novel coronavirus pandemic considered by NBF as the basis for terminating this Agreement was fully evident when the "bought deal" financing was agreed upon with expectations that the precious metals market would respond positively to this known risk. Accordingly, SilverCrest intends to pursue its legal remedies against NBF for breach of NBF's obligations under the terms of the Agreement.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals exploration 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 and where all the known mineral resources of the Company 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.
N. Eric Fier, CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.
For Further Information:
SilverCrest Metals Inc.
Contact: Jacy Zerb, Investor Relations Manager
Telephone: +1 (604) 694-1730
Fax: +1 (604) 357-1313
Toll Free: 1-866-691-1730 (Canada & USA)
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
SilverCrest Metals Inc. (TSXV: SIL.V; NYSE: SILV) is a featured company on Investorideas.comGet News Alerts on SilverCrest Metals Inc.
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp
Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Global investors must adhere to regulations of each country.
Disclosure: Investorideas.com is compensated by SilverCrest Metals Inc for annual news publishing effective January 2017.