Santacruz Silver Mining Ltd (TSX-V:SCZ, OTC:SZSMF) announced that its wholly owned Bolivian subsidiary San Lucas SA has completed its first offering of promissory notes under its San Lucas Promissory Notes Issuance Program, raising 70 million Bolivian Bolivianos in an oversubscribed sale.
This offering sold out within just 15 minutes, Santacruz said, highlighting strong demand from local investors.
"The strong demand and oversubscription of the first offering under the San Lucas Promissory Notes Issuance Program highlights the confidence of the Bolivian investment community in our operations and long-term vision,” Santacruz Silver CEO Arturo Préstamo said in a statement.
“This successful issuance reinforces Santacruz Silver's commitment to Bolivia, where we continue to invest and grow, creating value for our stakeholders while contributing to Bolivia's mining sector and economic development."
The notes, sold on the Bolivian Stock Market (Bolsa Boliviana de Valores), have an interest rate of 6.25% and a maturity date of February 15, 2026.
The total authorized amount under the program is 140 million Bolivian Bolivianos, with additional offerings anticipated in the future.