Business
Sitka Gold Announces up to $3.0 Million Private Placement with a Lead Order from Sprott Asset Management LP
VANCOUVER, CANADA – TheNewswire - May 24, 2022: Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased to announce a private pla
About this update from Sitka Gold Corp.
[{"type":"text","content":"VANCOUVER, CANADA – TheNewswire - May 24, 2022: Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased to announce a private placement for up to $3.0M with a lead order of $2 million from funds managed by Sprott Asset Management LP. The financing will consist of a combination of flow-through units priced at $0.17 with a half warrant priced at $0.23 and non flow-through units priced at $0.14 with a half warrant priced at $0.23. Each full warrant will entitle the holder to purchase an additional common share at a price of $0.23 for a period of 24 months from the date of closing of the private placement. This private placement is being offered on a non-brokered basis and the Units will be subject to a statutory hold period of four months and a day from the closing date of the Offering. Sitka has engaged Canaccord Genuity Corp. to act as its financial advisor for the offering. The Company may pay a finder's fee on a portion of the gross proceeds of the private placement. The Offering remains subject to regulatory approval and is anticipated to close on or before June 7th, 2022. The Company intends to use the net proceeds of the private placement for exploration work on its Yukon gold properties and for general working capital. About Sitka Gold Corp. Sitka Gold Corp. is a mineral exploration company headquartered in Canada. The Company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the RC, Barney Ridge, Clear Creek and OGI properties in the Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, its Mahtin Gold property in the Yukon and its Coppermine River project in Nunavut. Sitka is currently conducting a planned 10,000 metre diamond drill program at its RC Gold Project in the Yukon where the last hole drilled in 2021 (“Hole 21”) resulted in the discovery of a new gold zone (the “Blackjack Zone”) and returned 220.1 metres averaging 1.17 g/t gold from surface including 50.5 metres of 2.08 g/t gold (see news release dated December 13, 2021). Initial follow-up drill holes completed during this past winter have co...