Mr. Richard Munson reports
SANDSPRING RESOURCES INCREASES FULLY-SUBSCRIBED PRIVATE PLACEMENT TO $4 MILLION
Due to strong investor interest, the board of directors of Sandspring Resources Ltd. has approved an increase in the amount of its non-brokered private placement.
The placement has been fully subscribed, and the company now intends to issue 32 million units at a price of 12.5 cents per unit. Each unit consists of one common share and one share purchase warrant, entitling the holder to purchase one additional share at 16.5 cents for a period of 60 months.
Completion of the private placement remains subject to the approval of the TSX Venture Exchange. All securities issued in connection with the private placement will be subject to a four-month-and-one-day statutory hold period.
About Sandspring Resources Ltd.
Sandspring Resources is a Canadian junior mining company currently moving toward a feasibility study for the Toroparu project in Guyana, South America, with 7.4 million ounces of gold in the measured and indicated categories. A prefeasibility study completed in May, 2013 (National Instrument 43-101 technical report, prefeasibility study, Toroparu gold project, Upper Puruni River area, Guyana, dated May 24, 2013, completed by SRK Consulting (U.S.) Inc., available on SEDAR) outlined the design of an open-pit mine producing more than 200,000 ounces of gold annually over an initial 16-year mine life.
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