Signature Resources Announces Equity Financing and Option Grant
- Approximately 20% of the Offering is expected to be subscribed for by members of the Company's board of directors and management.
- The net proceeds from the Offering will be used for resource modelling, drill program design, exploration data compilation, and general working capital purposes.
- 20% of the proceeds will be paid to consultants for resource modelling and drill program design activities.
- None.
Toronto, Ontario--(Newsfile Corp. - November 6, 2023) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S3) ("Signature" or the "Company") is pleased to announce that the Company is offering a non-brokered private placement of flow-through shares ("FT Shares") and non-flow-through shares ("NFT Shares") for gross proceeds of up to C
Each FT Share is being offered at C
The net proceeds from the Offering will be used for resource modelling and related deposit characterization, designing the 2024 drill program, ongoing exploration data compilation, and general working capital purposes. It is expected that twenty percent of the proceeds will be used for general working capital purposes with the remainder spent on exploration and deposit definition activities. Approximately twenty percent will be paid to consultants for resource modelling and drill program design activities. None of the proceeds will be used for payments to non-arm's length parties or for investor relations service providers.
Option Grant
The Board of Directors has granted a combined total of 2,100,000 incentive stock options to the Board and Management of the Company. The options have an exercise price of
About Signature
The Lingman Lake gold property (the "Property") consists of 1,300 staked claims, four freehold fully patented claims and 14 mineral rights patented claims totaling approximately 24,761 hectares. The Property includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-metre shaft, and 3-levels at 46-metres, 84-metres and 122-metres depths. There has been over 28,000 metres of historical drilling done on the Property.
To find out more about Signature, visit our website at www.signatureresources.ca, or contact:
Dan Denbow
Interim CEO
416-840-6345
info@signatureresources.ca
Cautionary Notes
Neither the 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, 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 and risks associated with infectious diseases, including COVID-19. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186455
FAQ
What is Signature Resources Ltd. offering in their private placement?
What is the gross proceeds of the Offering?
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