Sky Gold Closes First Tranche of Financing
Sky Gold Corp. (TSXV:SKYG, US:SRKZF) has completed the first tranche of its non-brokered private placement, raising $330,000. The company issued 6.6 million non-flow through units (NFT Units) at $0.05 per Unit, each consisting of one common share and one transferrable share purchase warrant. Each warrant allows the holder to purchase an additional share at $0.07 within 36 months. Sky Gold paid $22,000 in total finders' fees and issued 440,000 non-transferable share purchase warrants to Canaccord Genuity Corp. and Sherbrooke Street Capital. Senior officers subscribed for 700,000 units, constituting a related party transaction under MI 61-101 regulations. The financing awaits final TSX Venture Exchange approval, with proceeds earmarked for exploration and general administrative expenses.
- Sky Gold raised $330,000 in the first tranche of its private placement.
- The company issued 6.6 million non-flow through units at $0.05 per Unit.
- Warrants allow the purchase of additional shares at $0.07 within 36 months.
- Total finders' fees paid amounted to $22,000.
- 440,000 non-transferable share purchase warrants issued as part of finders' fees.
- Financing still requires final approval from the TSX Venture Exchange.
VANCOUVER, BC / ACCESSWIRE / June 19, 2024 / Sky Gold Corp. (TSXV:SKYG)(US:SRKZF) ("Sky Gold Corp." or the "Company") is pleased to announce that the Company has closed the first tranche of the previously announced non-brokered private placement (see PR dated May 24, 2024 and June 5, 2024) for gross proceeds of
Each NFT Unit is comprised of one common share (a "Share") and one transferrable Share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of
In connection with completion of the first tranche of the non-brokered private placement, the Company paid total finders' fees of
A senior officer and a director of the Corporation have subscribed for an aggregate of 700,000 Units as part of the Private Placement, which participation constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and Policy 5.9 of the TSXV. The Corporation is relying on the exemption for a formal valuation under section 5.5(b) of MI 61-101 (trading on the TSXV), and on the exemption for minority shareholder approval under section 5.7(1)(b) of MI 61-101 (fair market value of less than
All securities issued are subject to a statutory hold period expiring on October 20, 2024.
The financing, although conditionally approved by the TSX Venture Exchange (TSXV), is subject to final approval.
Proceeds raised from the Offering will be used towards exploration activities on the Company's portfolio of mining projects as well as general and administrative purposes.
About Sky Gold Corp.
Sky Gold Corp. is a junior mineral exploration company engaged in acquiring and advancing mineral properties in Canada and the USA.
ON BEHALF OF THE BOARD
"Mike England"
Mike England, CEO & Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll-Free: 1-888-945-4770
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 release.
SOURCE: Sky Gold Corp.
View the original press release on accesswire.com
FAQ
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