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Sitka Gold Closes Oversubscribed $1.52 Million Private Placement
VANCOUVER, CANADA – TheNewswire - July 25, 2023 - Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased to announce that the Co
About this update from Sitka Gold Corp.
[{"type":"text","content":"VANCOUVER, CANADA – TheNewswire - July 25, 2023 - Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased to announce that the Company has closed its previously announced non-brokered private placement for total gross proceeds of $1,520,090.77 (the “Offering”) through the issuance of 13,819,007 flow-through units (the “FT Units”) at a price of $0.11 per FT Unit. Each FT Unit is comprised of one flow-through common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase an additional common share in the capital of the Company (a \"Common Share\") at a price of $0.15 for a period of 24 months from the date of issuance. The Offering, as announced in the Company’s news release dated July 14, 2023 (“Sitka Gold Corp. Announces up to $1.2M Private Placement”) was oversubscribed. The Company intends to use the net proceeds of the Offering for exploration work on its RC Gold Project in Yukon. Canaccord Genuity Corp. acted as financial advisor to the Company in connection with the Offering. In consideration for such services, the Company agreed to issue to Canaccord Genuity Corp. an aggregate of 166,600 Shares (the “Advisory Shares”) at an issue price of $0.15 per Advisory Share. Certain directors, officers and insiders of the Company purchased an aggregate of 1,981,000 FT Units under the Offering, constituting, to that extent, a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities distributed in the Offering nor the consideration received for those securities, in so far as the Offering involves the directors and officers, exceeds 25% of the Company’s market capitalization. In connection with the Offering, the Company issued 342,223 finder’s warrants (the “Finder’s Warrants”) and paid commissions of $40,614.60 to certain finders. Each Finder’s Warrant is subject to the same terms and conditions as the Warrants. About Sitka Gold Corp. Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada. The Company is managed by a team of experienced industry profe...