Sky Gold Provides Update on Financing

Rhea-AI Summary

On July 5, 2024, Sky Gold Corp. (TSXV:SKYG, US:SRKZF) announced a 30-day extension granted by the TSX Venture Exchange to close its non-brokered private placement.

The company has raised $366,400 through two tranches, issuing 6,600,000 non-flow-through units at $0.05 per unit and 520,000 flow-through units at $0.07 per unit. Each non-flow-through unit comprises one common share and one warrant, allowing the holder to purchase an additional share at $0.07 within 36 months. Each flow-through unit comprises one flow-through share and one non-flow-through warrant, allowing the purchase of an additional non-flow-through share at $0.10 within 24 months.

All issued securities have a hold period of four months plus one day. The financing awaits final TSX Venture Exchange approval.

Positive

• Raised $366,400 through the private placement.
• Issued 6,600,000 non-flow-through units and 520,000 flow-through units.
• Each unit includes additional warrants, offering potential future capital.

Negative

• Financing is still subject to final TSX Venture Exchange approval.

VANCOUVER, BC / ACCESSWIRE / July 5, 2024 / Sky Gold Corp. (TSXV:SKYG)(US:SRKZF) ("Sky Gold Corp." or the "Company") announces that further to the previously announced non-brokered private placement (see PR's dated May 24, 2024, June 5, 2024,June 19, 2024, June 26, 2024), the TSX Venture Exchange has granted the Company a 30 day extension to close this private placement.

The Company has closed 2 tranches of the private placement for gross proceeds of $366,400. In connection with the closing of the first and second tranches, the Company has issued 6,600,000 non-flow-through units (the "NFT Units") at a price of $0.05 per unit and 520,000 flow-through units (the "FT Units") at a price of $0.07 per Unit.

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 $0.07 per Warrant Share for a 36-month period after the Closing Date.

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.

All securities issued are subject to a statutory hold period of 4 months plus one day from the date of issuance in accordance with applicable securities legislation.

The financing, although conditionally approved by the TSX Venture Exchange (TSXV), is subject to final approval.

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

What is the recent update on Sky Gold Corp's financing?

Sky Gold Corp announced a 30-day extension granted by the TSX Venture Exchange to close its non-brokered private placement.

How much has Sky Gold Corp raised in its private placement?

Sky Gold Corp raised $366,400 through two tranches of its private placement.

How many units did Sky Gold Corp issue in its private placement?

Sky Gold Corp issued 6,600,000 non-flow-through units and 520,000 flow-through units.

What are the terms of the warrants issued by Sky Gold Corp?

Each non-flow-through unit includes a warrant to purchase an additional share at $0.07 within 36 months. Each flow-through unit includes a warrant to purchase a non-flow-through share at $0.10 within 24 months.

Are there any hold periods for the securities issued by Sky Gold Corp?

Yes, all issued securities have a statutory hold period of four months plus one day.

What is the stock symbol for Sky Gold Corp?

Sky Gold Corp is listed as SRKZF in the US and SKYG on the TSX Venture Exchange.