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San Lorenzo Gold Corp. has completed a first tranche closing of a private placement, yielding $400,000 in gross proceeds through the issuance of 4,000,000 common shares and 4,000,000 warrants. Each warrant allows the purchase of additional shares at $0.20 until March 11, 2023. The funds will support upcoming drilling at the Salvadora property and cover offering expenses. The transaction is classified as a 'related party transaction' as insiders purchased all units sold. Final acceptance from the TSX Venture Exchange is pending.
San Lorenzo Gold Corp. (TSXV:SLG, OTCQB:SNLGF) announces mobilization of a diamond drilling rig to the Salvadora copper/gold/silver property. A drilling program of 3,000 metres is planned, coinciding with a non-brokered private placement of up to 10,000,000 units at $0.10 each, generating $1,000,000 in gross proceeds. Each unit comprises one common share and a warrant exercisable at $0.20 for 12 months. The offering is available to existing shareholders and may close in tranches by March 31, 2022. Additionally, 580,000 options have been granted at $0.10 per share.
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