Business
Sitka Gold Closes Oversubscribed $2.1 Million Private Placement
Vancouver, Canada - TheNewswire - November 22, 2023 - Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased to announce that th
About this update from Sitka Gold Corp.
[{"type":"text","content":"Vancouver, Canada - TheNewswire - November 22, 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 $2,105,059.86 (the “Offering”) through the issuance of 11,694,777 flow-through units (the “FT Units”) at a price of $0.18 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 $0.36 for a period of 24 months from the date of issuance. The Offering, as announced in the Company’s news release dated November 13, 2023 (“Sitka Gold Announces up to $1.25M Private Placement”) was oversubscribed due to strong investor demand. The Company intends to use the net proceeds of the Offering for exploration and related programs on the Company’s Yukon gold properties which qualify as “Canadian Exploration Expenses” as such term is defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Income Tax Act (Canada) (the “Tax Act”) and “flow through mining expenditures” as defined in subsection 127(9) of the Tax Act that will qualify as “flow-through mining expenditures”, which will be incurred on or before December 31, 2024 and renounced with an effective date no later than December 31, 2023, to the purchasers of FT Units. In connection with the Offering, the Company issued 692,687 finder’s warrants (the “Finder’s Warrants”) and paid commissions of $124,683.59 to certain finders. Each Finder’s Warrant entitles the holder to purchase an additional Common Share at a price of $0.18 for a period of 24 months from the date of issuance. 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 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...