Sky Gold Closes Second Tranche of Financing

Rhea-AI Summary

Sky Gold Corp. (TSXV:SKYG)(OTC PINK:SRKZF) has successfully closed the second tranche of its non-brokered private placement, raising gross proceeds of $36,400.

The company issued 520,000 flow-through units (FT Units) at $0.07 per unit. Each FT Unit includes one common flow-through share and one transferrable non-flow-through share purchase warrant. The warrant allows the purchase of an additional share at $0.10 within 24 months.

In this tranche, Sky Gold Corp. paid $1,680 in finders' fees and issued 24,000 non-transferable share purchase warrants to Sherbrooke Street Capital Inc., with each warrant exercisable at $0.10 for 12 months.

All issued securities are subject to a statutory hold period ending October 27, 2024. The funds will support exploration activities and general administrative purposes. Final approval from the TSX Venture Exchange is pending.

Positive

• Sky Gold Corp. raised $36,400 from the second tranche of the private placement.
• The issuance of 520,000 FT Units at $0.07 each demonstrates investor interest.
• Funds will be allocated to exploration and administrative activities, potentially advancing projects.

Negative

• The financing is subject to final approval by the TSX Venture Exchange.
• A statutory hold period on the issued securities could limit immediate liquidity for investors.
• The company incurred $1,680 in finders' fees, slightly reducing net proceeds.

VANCOUVER, BC / ACCESSWIRE / June 26, 2024 / Sky Gold Corp. (TSXV:SKYG)(OTC PINK:SRKZF) ("Sky Gold Corp." or the "Company") is pleased to announce that the Company has closed the second tranche of the previously announced non-brokered private placement (see PR's dated May 24, 2024, June 5, 2024 and June 19, 2024) for gross proceeds of $36,400. In connection with completion of the second tranche, the Company has issued 520,000 flow through units (the "FT Units") at a price of $0.07 per Unit.

Each FT Unit is comprised of one common flow-through share (a "FT Share") and one transferrable non-flow-through share purchase warrant (a "NFT Warrant") of the Company. Each NFT Warrant will entitle the holder to purchase one additional non-flow-through share at a price of $0.10 per share for a 24-month period after the Closing Date.

In connection with completion of the second tranche of the non-brokered private placement, the Company paid total finders' fees of $1,680 and issued 24,000 non-transferable Share purchase warrants to Sherbrooke Street Capital (SSC) Inc. Each non-transferable Share purchase warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.10 per Warrant Share for a 12-month period from the closing date.

All securities issued are subject to a statutory hold period expiring on October 27, 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: 1-888-945-770

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

What is Sky Gold Corp.'s stock symbol?

Sky Gold Corp.'s stock symbol is SRKZF on the OTC PINK market.

How much did Sky Gold Corp. raise in the second tranche of the private placement?

Sky Gold Corp. raised $36,400 in the second tranche.

What is included in each FT Unit issued by Sky Gold Corp.?

Each FT Unit includes one common flow-through share and one transferrable non-flow-through share purchase warrant.

What are the terms of the NFT Warrants issued by Sky Gold Corp.?

Each NFT Warrant allows the holder to purchase an additional non-flow-through share at $0.10 per share within 24 months.

When does the statutory hold period for Sky Gold Corp.'s issued securities end?

The statutory hold period ends on October 27, 2024.

What are the finders' fees related to Sky Gold Corp.'s private placement?

Sky Gold Corp. paid total finders' fees of $1,680 and issued 24,000 non-transferable share purchase warrants.

How will Sky Gold Corp. use the proceeds from the private placement?

The proceeds will be used for exploration activities and general administrative purposes.

What is the exercise price and period for the warrants issued to Sherbrooke Street Capital Inc.?

The exercise price is $0.10 per share, and the exercise period is 12 months.

Is the private placement by Sky Gold Corp. fully approved?

The financing is conditionally approved but subject to final approval by the TSX Venture Exchange.