Eric Sprott Increases Investment In Sassy's Gander Gold

Rhea-AI Summary

Sassy Resources Corporation has announced that investor Eric Sprott is increasing his stake in Gander Gold Corporation to 17.35% by purchasing $1.6 million worth of special warrants in a new private placement. This move, anticipated to close in early June 2021, will aid in expanding Gander Gold’s projects in Newfoundland. Sassy President Mark Scott highlighted the significance of this investment, which raises Gander Gold's total funding to $5 million to date, and emphasizes plans for going public on a Canadian exchange.

Positive

• Eric Sprott's investment raises Gander Gold's stake to 17.35%, indicating strong investor confidence.
• The private placement secures $1.6 million of the required $2.2 million, bolstering Gander Gold's financial resources.
• Funding total reaches $5 million, enhancing capabilities for exploration in Newfoundland.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / May 28, 2021 / Sassy Resources Corporation ("Sassy" or the "Company") (CSE:SASY)(OTCQB:SSYRF)(FSE:4E7) is pleased to announce that Mr. Eric Sprott is increasing his ownership in Sassy subsidiary Gander Gold Corporation to 17.35% (10,666,666 special warrants) by purchasing $1.6 million of a $2.2 million private placement in Gander Gold. This financing is expected to close in early June 2021.

Mr. Mark Scott, Sassy President and CEO, commented: "The additional $2.2 million injection into Gander Gold, nearly 75% of it coming from Mr. Sprott, will allow us to significantly expand our current program across multiple projects that comprise the largest land position of any public company in Newfoundland. We look forward to updating shareholders on our exploration progress in Newfoundland in the near future. Meanwhile, we're working diligently on a plan to list Gander Gold on a Canadian exchange. We appreciate Mr. Sprott's additional investment in Gander Gold which lifts our total raise to $5,000,000 to date."

Mr. Sprott is purchasing eight million special warrants of Gander Gold at $0.20 per special warrant, a 33% premium to the previous private placement price on a post-consolidated basis (refer to May 18, 2021 news release). Strategic investors are acquiring the balance of three million special warrants at $0.20 per special warrant. The special warrants will be converted into common shares at a later date.

About Sassy Resources Corporation

Sassy Resources is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Its focus is the Foremore Gold-Silver Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.'s prolific Golden Triangle, and the Central Newfoundland Gold Belt.

Caution Regarding Forward Looking Statements

Investors are cautioned that, except for statements of historical fact, certain information contained in this document includes "forward looking information", with respect to a performance expectation for Sassy Resources Corporation. Such forward looking statements are based on current expectations, estimates and projections formulated using assumptions believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. Such factors include, without limitation, fluctuations in foreign exchange markets, the price of commodities in both the cash market and futures market, changes in legislation, taxation, controls and regulation of national and local governments and political and economic developments in Canada and other countries where Sassy carries out or may carry out business in the future, the availability of future business opportunities and the ability to successfully integrate acquisitions or operational difficulties related to technical activities of mining and reclamation, the speculative nature of exploration and development of mineral deposits, including risks obtaining necessary licenses and permits, reducing the quantity or grade of reserves, adverse changes in credit ratings, and the challenge of title. The Company does not undertake an obligation to update publicly or revise forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Some of the results reported are historical and may not have been verified by the Company.

Contact Info:

Mark Scott
Chief Executive Officer & Director
info@sassyresources.ca

Terry Bramhall
Sassy Resources Corporate Communications/IR
1.604.833.6999 (mobile)
1.604.675.9985 (office)
terry.bramhall@sassyresources.ca

In Europe:

Michael Adams
Managing Director - Star Finance GmbH
info@star-finance.eu

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Sassy Resources Corporation

View source version on accesswire.com:
https://www.accesswire.com/649526/Eric-Sprott-Increases-Investment-In-Sassys-Gander-Gold

FAQ

What is the significance of Eric Sprott's investment in SSYRF?

Eric Sprott's investment increases his ownership in Gander Gold to 17.35%, reflecting strong investor confidence and providing significant funding for exploration.

How much money did Sassy Resources raise through the private placement?

Sassy Resources raised $1.6 million from Eric Sprott as part of a total of $5 million through private placements for Gander Gold.

When is the private placement for Gander Gold expected to close?

The private placement financing is anticipated to close in early June 2021.

What are the future plans for Gander Gold following the investment?

Gander Gold plans to expand its exploration projects in Newfoundland and is working on a public listing on a Canadian exchange.