Sassy Closes First Tranche of Over-Subscribed Non-Brokered Private Placement

Rhea-AI Summary

Sassy Resources Corporation has successfully closed the first tranche of its non-brokered private placement, raising $3,230,160 through the issuance of 16,564,925 common shares. The company will use these proceeds for drilling and exploration at its Foremore Project in Northwest B.C., focusing on the Westmore gold discovery. A second tranche is expected to close soon. The company paid $45,040 in finder's fees and issued 230,974 warrants as part of the placement, all subject to a four-month hold period until November 9, 2022.

Positive

• Raised $3,230,160 through the private placement.
• Focus on advancing high-grade Westmore gold discovery.
• Second tranche of the placement expected to close soon.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / July 11, 2022 / Sassy Resources Corporation ("Sassy" or the "Company") (CSE:SASY)(FSE:4E7)(OTCQB:SSYRF) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the "Private Placement"), raising gross proceeds of $3,230,160 through the issuance of 16,564,925 common shares (no warrants attached, refer to July 4, 2022, news release). The second tranche is expected to close shortly.

The Company paid total finder's fees of $45,040 and 230,974 finder's warrants ("Finder's Warrants") to Haywood Securities Inc., Canaccord Genuity Corp. and Research Capital Corporation. The Finder's Warrants are non-transferable and exercisable at a price of $0.195 per warrant for 12 months from the date of issuance.

All securities issued are subject to a four-month hold period pursuant to securities laws in Canada, which expires on November 9, 2022.

The Company intends to use the proceeds from the Private Placement for upcoming drilling and exploration at its 100%-owned Foremore Project in Northwest B.C.'s Eskay Camp, where the focus will be on advancing the high-grade Westmore gold discovery, and for general corporate purposes.

About Sassy Resources Corporation

Sassy 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 Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.'s prolific Golden Triangle. Sassy is also earning up to a 100% interest in the Highrock Uranium Project in the Key Lake region of Saskatchewan. Sassy also holds significant equity positions in Gander Gold Corp., Galloper Gold Corp., and MAX Power Mining Corp.

Contact Information:

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

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

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/708106/Sassy-Closes-First-Tranche-of-Over-Subscribed-Non-Brokered-Private-Placement

FAQ

What was the amount raised in the private placement by Sassy Resources Corporation?

Sassy Resources Corporation raised $3,230,160 through the private placement.

When will the funds from the private placement be used for drilling?

The funds will be used for upcoming drilling and exploration at the Foremore Project.

What is the focus of Sassy's exploration efforts following the private placement?

Sassy's exploration efforts will focus on advancing the high-grade Westmore gold discovery.

What are the details regarding the finder's fees from the private placement?

The company paid $45,040 in finder's fees and issued 230,974 finder's warrants.

What is the expiry date for the hold period on the securities issued?

The hold period expires on November 9, 2022.