Business
Sable Resources Closes C$4.25 Million Private Placement
TORONTO, ONTARIO--(Marketwired - Sept. 8, 2017) - Sable Resources Ltd. (TSX VENTURE:SAE) ("Sable Resources" or the "Company") is pleased to announce that it has
About this update from Sable Resources Ltd.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - Sept. 8, 2017) - Sable Resources Ltd. (TSX VENTURE:SAE) (\"Sable Resources\" or the \"Company\") is pleased to announce that it has closed its previously announced private placement to raise gross proceeds of $4,105,575 (the \"Brokered Offering\"). The Offering was led by Haywood Securities Inc. (the \"Agent\") and included the exercise, in part, of the Agent's option. Concurrently with closing of the Brokered Offering, the Company also closed a non-brokered offering (the \"Non-Brokered Offering\" and together with the Brokered Offering, the \"Offering\") to raise gross proceeds of an additional $150,000, for combined aggregate gross proceeds of $4,255,575. The Offering was upsized from $3,000,000 on August 30, 2017 due to strong demand. Pursuant to the Offering, the Company issued a total of 28,370,500 units (the \"Units\") at a price of $0.15 per Unit. Each Unit is comprised of one common share of the Company (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"), with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.25 until September 8, 2019. The net proceeds received by the Company from the Offering will be used for exploration on the Company's properties in North America and for working capital and general corporate purposes. In connection with the Offering, the Agent received a cash commission in an amount equal to 6.0% of the gross proceeds of the Offering (excluding proceeds from certain president's list subscribers, for which the cash commission was reduced to 3.0%) and was granted 1,572,230 common share purchase warrants (the \"Broker Warrants\") entitling the Agent to subscribe for 1,572,230 Common Shares, equal to 6.0% of the aggregate number of Units sold in the Offering (excluding Units sold to certain president's list subscribers, for which the Broker Warrants issuable were reduced to 3.0%). Each Broker Warrant is exercisable at a price equal to $0.15 until September 8, 2019. All of the Units, including the underlying securities thereof, and the Broker Warrants, including the underlying securities thereof, issued in connection with the Offering will be subject to a four month and one day hold in accordance with Canadian securities laws. Securities of the Company sold in the Offering in the United States or to, or for t...