08:30:46 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Signature Resources Ltd
Symbol SGU
Shares Issued 100,093,969
Close 2019-04-17 C$ 0.07
Market Cap C$ 7,006,578
Recent Sedar Documents

Signature closes $136,555 first tranche of financing

2019-04-18 09:37 ET - News Release

Mr. Walter Hanych reports

SIGNATURE RESOURCES ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Signature Resources Ltd. has closed the first tranche of its non-brokered private placement previously announced on Feb. 6, 2019. In this first tranche, the company raised a total of $136,555 for the issuance of 1,820,735 non-flow through (NFT) units at the price of 7.5 cents per NFT unit. Up to an additional $863,445 is expected to be raised by the company in additional tranche closings for aggregate gross proceeds of the offering of up to $1-million.

The offering comprises NFT units at a price of 7.5 cents per NFT unit and flow-through (FT) units at a price of 9.5 cents per FT unit. Each NFT unit will comprise one common share of the company and one warrant. Each FT unit will comprise one flow-through common share and one-half of one warrant. Each whole warrant will entitle the holder thereof to acquire an additional common share of the company at an exercise price of 15 cents per warrant share for a period of two years from the date of issuance, provided that if after four months and one day following the closing of the offering, the closing price of the company's common shares on the TSX Venture Exchange is equal to or greater than 25 cents for 10 consecutive trading days, then the company may accelerate the expiry date of the warrants by disseminating a press release and in such case the warrants will expire on the 30th day after the date on which such press release is disseminated by the company.

Proceeds of this offering will be used to further finance the company's prospecting, drilling, and other exploration and development expenses and activities and for general corporate purposes. All securities issued pursuant to the first tranche are subject to a statutory four-month-plus-one-day hold period, which will expire on Aug. 19, 2019. The offering is subject to TSX-V acceptance of regulatory filings.

About Signature Resources Ltd.

The Lingman Lake gold property comprises 770 single-cell staked claims, four freehold patented claims and 14 mineral rights patented claims totalling approximately 15,720 hectares. The property hosts a historic estimate of 234,684 ounces of gold* (1,063,904 tonnes grading 6.86 grams per tonne (g/t) with 2.73 g/t cut-off) and includes what has historically been referred to as the Lingman Lake gold mine, an underground substructure comprising a 126.5-metre shaft and three levels at 46 metres, 84 metres and 122 metres depths.

*This historical resource estimate is based on prior data and reports obtained and prepared by previous operators and information provided by governmental authorities. A qualified person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories. The company is not treating the historical estimate as a current National Instrument 43-101-compliant mineral resource estimate.

We seek Safe Harbor.

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