SIGNAL GOLD INC - SGNLF STOCK NEWS

Signal Gold Inc. (TSX:SGNL)(OTCQB:SGNLF) has signed a historic Benefits Agreement with the Assembly of Nova Scotia Mi'kmaw Chiefs (ANSMC) for the Goldboro Project in Nova Scotia. The agreement covers all project phases and establishes economic, environmental, cultural, and employment benefits for Nova Scotia Mi'kmaq.

The Goldboro Project, following a positive Feasibility Study, projects an 11-year open pit mine life with average gold production of 100,000 ounces annually at an average grade of 2.26 grams per tonne. The project received environmental assessment approval in August 2022, with key permits submitted including Industrial Approval, Fisheries Act Authorization, and Schedule 2 Amendment. The Mineral Lease was granted in July 2024, followed by a Crown Land Lease/License Letter of Offer in September 2024.

Signal Gold has exercised its upsize option and closed Tranche 2 of its oversubscribed financing, issuing 3,044,228 subscription receipts at $0.08705 each, raising $265,000.05. The total Hard Dollar Financing reached $10.7M through 123.1M subscription receipts. The subscription receipts have converted into units comprising one common share and half a warrant, with each full warrant exercisable at $0.11818 for 24 months.

The company has finalized restructuring terms with Nebari, including repayment of Signal Gold's US$20.8M and NexGold's US$6.2M facilities. A new US$12M facility will be implemented with an 11.4% interest rate and 30-month term. Additionally, Nebari will receive a 0.6% NSR on the Goldboro Project for US$6M, with buy-back options, and participate in a US$4M equity placement at C$0.70 per share.

Signal Gold shareholders have strongly approved the plan of arrangement with NexGold Mining Corp. Under the arrangement, NexGold will acquire all Signal Gold shares, with shareholders receiving 0.1244 NexGold shares for each Signal Gold share. The transaction received 95.773% approval from voting shareholders, representing 49.779% of outstanding shares.

The shareholders also approved a private placement of up to 120,075,840 subscription receipts at $0.08705 per receipt, potentially raising up to $10.45 million. The arrangement is expected to close on December 13, 2024, pending final court approval. Upon completion, Signal Gold shares will be delisted from TSX and OTCQB.

Signal Gold's main asset is the Goldboro Gold Project in Nova Scotia, which has a positive Feasibility Study showing an 11-year mine life with average annual gold production of 100,000 ounces at 2.26 g/t gold grade.

Signal Gold Inc. has announced the complete divestment of its stake in Magna Terra Minerals Inc., selling 15,035,795 common shares (18.1% ownership) through Chi-x and Omega alternative markets on December 3, 2024. The transaction generated $225,536.93 at an average price of $0.015 per share.

Signal Gold is currently focused on the Goldboro Gold Project in Nova Scotia, which has a positive Feasibility Study showing an 11-year open pit mine life with average annual gold production of 100,000 ounces and a 2.26 g/t gold grade. The company recently entered into a definitive agreement with NexGold to combine operations, creating a major Canadian gold development entity focused on both the Goliath Gold Complex Project and the Goldboro Project.

Signal Gold Inc (TSX:SGNL)(OTCQB:SGNLF) reminds shareholders to vote before the December 4, 2024, deadline for the upcoming Special Meeting on December 6. Due to the Canada Post strike, shareholders are encouraged to vote via internet, telephone, or fax.

The company clarifies that the Debt Restructuring with NexGold Mining Corp is a 'related party transaction' requiring minority shareholder approval. This restructuring is integral to the previously announced arrangement where NexGold will acquire all Signal Gold shares.

Signal Gold is currently advancing the Goldboro Gold Project in Nova Scotia, which features an 11-year open pit mine plan with projected annual gold production of 100,000 ounces and an average grade of 2.26 grams per tonne.

Signal Gold has distributed meeting materials to shareholders for a Special Meeting on December 6, 2024, regarding two key proposals: the approval of a business combination with NexGold Mining and the authorization of a non-brokered private placement share issuance. Due to a Canada Post labour strike, shareholders are encouraged to access materials electronically and vote by December 4, 2024. The company is advancing the Goldboro Gold Project in Nova Scotia, which has a positive Feasibility Study showing an 11-year open pit mine life with average annual gold production of 100,000 ounces at 2.26 g/t gold grade.

Signal Gold reported Q3 2024 financial results, highlighting a net comprehensive loss of $15.7 million ($0.06 per share), primarily due to a $13.4 million impairment charge related to Goldboro and Tilt Cove assets. The company invested $1.4 million in the Goldboro Project, focusing on permits and exploration. Key developments include securing a 20-year Mineral Lease for Goldboro and accepting the Crown Land Lease. The company ended Q3 with $5.2 million in cash and a working capital deficit of $22.9 million. Signal Gold announced a merger with NexGold Mining Corp., where existing NexGold and Signal Gold shareholders will own 71% and 29% respectively of the combined entity.

NexGold Mining and Signal Gold have successfully completed their oversubscribed concurrent financings, raising aggregate gross proceeds of $18.5 million. The financing includes NexGold's flow-through unit private placement of $8.085 million and Signal's subscription receipt private placement of $10.45 million. This funding supports their proposed plan of arrangement where NexGold will acquire all Signal shares to advance the Goliath Gold Complex Project in Ontario and Goldboro Project in Nova Scotia. The proceeds will fund debt retirement, project exploration, and working capital needs.

Signal Gold has completed the sale of its Tilt Cove Gold Project in Newfoundland to FireFly Metals. The transaction includes $570,000 in cash and 2,317,869 FireFly common shares valued at approximately $2,500,000. Signal Gold may receive an additional $1,000,000 milestone payment if FireFly announces a mineral resource estimate of at least 500,000 gold equivalent ounces at a minimum grade of 1.0 g/t. The company is currently advancing the Goldboro Gold Project in Nova Scotia and has recently announced a definitive agreement to combine with NexGold Mining to create a leading Canadian gold developer.