Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF)
("
Signature" or the "
Company") is
pleased to announce that it has closed the first tranche (the
“
First Tranche”) of a non-brokered private
placement (the “
Offering”). In this First
Tranche, the Company raised a total of $322,104 for the issuance of
6,442,080 non-flow through units (“
NFT Units”) at
the price of $0.05 per NFT Unit. Up to an additional $427,896
is expected to be raised by the Company in additional tranche
closings for aggregate gross proceeds of the Offering of up to
$750,000.
The Offering consists of NFT Units at a price of
$0.05 per NFT Unit, and flow-through units (the “FT
Units”) at a price of $0.06 per FT Unit. Each NFT Unit
will consist of one common share of the Company and one warrant (a
“Warrant”). Each FT Unit will consist of one
flow-through common share and one-half of one Warrant. Each whole
Warrant will entitle the holder thereof to acquire an additional
common share (a “Warrant Share”) of the Company at
an exercise price of $0.10 per Warrant Share for a period of 2
years from the date of issuance, provided that if after four (4)
months and one (1) day following the closing of the Offering, the
closing price of the Company's common shares on the the TSX Venture
Exchange (“TSX-V”) is equal to or greater than
$0.20 for 10 consecutive trading days, then the Company may
accelerate the expiry date of the Warrants by disseminating a press
release and in such case the Warrants will expire on the 30th day
after the date on which such press release is disseminated by the
Company.
Proceeds of this Offering will be used to
further finance the Company’s prospecting, drilling and other
exploration and development expenses and activities and for general
corporate purposes. All securities issued pursuant to the First
Tranche are subject to a statutory four-month plus one day hold
period, which will expire on March 7, 2020. The Offering is subject
to TSX-V acceptance of regulatory filings.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall it constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is unlawful.
These securities have not been, and will not be, registered under
the United States Securities Act of 1933, as amended, or any state
securities laws, and may not be offered or sold in the United
States or to U.S. persons unless registered or exempt
therefrom.
Further to the press release dated April 18,
2019, no further tranches were closed in the Company’s prior
private placement financing.
About Signature
The Lingman Lake gold property consists of 770
single cell staked claims, 4 free hold patented claims and 14
mineral rights patented claims totaling approximately 15,720
hectares. The property hosts an historic estimate of 234,684 oz of
gold* (1,063,904 tonnes grading 6.86 g/t with 2.73 gpt cut-off) and
includes what has historically been referred to as the Lingman Lake
Gold Mine, an underground substructure consisting of a 126.5-meter
shaft, and 3-levels at 46-meters, 84-meters and 122-meters
depths.
*This historical resource estimate is based on
prior data and reports obtained and prepared by previous operators,
and information provided by governmental authorities. A Qualified
Person has not done sufficient work to verify the classification of
the mineral resource estimates in accordance with current CIM
categories. The Company is not treating the historical estimate as
a current NI 43-101-compliant mineral resource estimate.
Establishing a current mineral resource estimate on the Lingman
Lake deposit will require further evaluation, which the Company and
its consultants intend to complete in due course. Additional
information regarding historical resource estimates is available in
the technical report entitled, “Technical Report on the Lingman
Lake Property” dated December 20, 2013, prepared by Walter Hanych,
P.Geo., and Frank Racicot, P.Geo., available on the Company’s SEDAR
profile at www.sedar.com
To find out more about Signature Resources
Limited, visit our website at
www.signatureresources.ca , or contact:
Walter HanychChief Executive
Officer705.446.5379
Cautionary Notes
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
This news release contains forward-looking
statements which are not statements of historical fact.
Forward-looking statements include estimates and statements that
describe the Company’s future plans, objectives or goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be
identified by such terms as “believes”, “anticipates”, “expects”,
“estimates”, “may”, “could”, “would”, “will”, or “plan”. Since
forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are
based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management’s expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release
includes, but is not limited to, use of proceeds of the Offering,
closing of additional tranches pursuant to the Offering and
proceeds therefrom, acceptance of regulatory filings by the TSX-V,
the Company’s objectives, goals or future plans, statements,
exploration results, potential mineralization, the estimation of
mineral resources, exploration and mine development plans, timing
of the commencement of operations and estimates of market
conditions. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to changes in general economic and financial market
conditions, failure to identify mineral resources, failure to
convert estimated mineral resources to reserves, the inability to
complete a feasibility study which recommends a production
decision, the preliminary nature of metallurgical test results,
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks,
inability to fulfill the duty to accommodate First Nations and
other indigenous peoples, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital and operating costs varying significantly from
estimates and the other risks involved in the mineral exploration
and development industry, and those risks set out in the Company’s
public documents filed on SEDAR. Although the Company believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Signature Resources (TSXV:SGU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Signature Resources (TSXV:SGU)
Historical Stock Chart
From Jul 2023 to Jul 2024