02:42:03 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Savannah Gold Corp (2)
Symbol SAV
Shares Issued 3,046,032
Close 2017-03-15 C$ 0.25
Market Cap C$ 761,508
Recent Sedar Documents

Savannah Gold arranges $550,000 financing

2017-03-15 17:37 ET - News Release

Mr. Praveen Varshney reports

SAVANNAH GOLD CORP. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Savannah Gold Corp. has negotiated, subject to regulatory approval, a non-brokered private placement for total gross proceeds of up to $550,000. The private placement will consist of up to 2.75 million units of the company at a price of 20 cents per unit. Each unit will consist of one common share of the company and one-half share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one share at a price of 40 cents for a period of 24 months following closing of the private placement, subject to acceleration. If, at any time between the expiry date and the date that is six months and one day from the closing of the private placement, the closing price of the shares on the TSX Venture Exchange is equal to or greater than 80 cents for 20 consecutive trading days, then the company may, at its sole option, elect to provide notice to the holders of the warrants, which acceleration notice may be provided by news release, that the warrants will expire at 4 p.m. (Vancouver time) on the date that is 30 days from the date of the acceleration notice. In such instance, all warrants that are not exercised prior to the accelerated expiry date will expire on the accelerated expiry date. Proceeds of the private placement will be used for general working capital and to review potential new business opportunities.

In connection with certain subscriptions under the private placement, the company will pay a cash commission of 7 per cent and issue finder warrants equal to 7 per cent, pursuant to and in accordance with applicable securities laws and exchange policy. The private placement is subject to the acceptance of the exchange.

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