Business
Sage announces closing of first tranche of private placement
Sage announces closing of first tranche of private placement.
About this update from Sage Potash Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, April 17 /CNW/ - Sage Gold Inc. (\"SAGE\") is pleased to announce\nthat on April 13, 2006, it closed a non-brokered private placement of\n10,990,000 units (\"Units\") at Cdn $0.10 per Unit (the \"Issue Price\") for gross\nproceeds of $1,099,000 (the \"Offering\"). Each Unit consists of one common\nshare (\"Common Share\") of SAGE and one half of one Common Share purchase\nwarrant (each whole Common Share purchaser warrant a \"Warrant\"). Each whole\nWarrant entitles the holder thereof to acquire one Common Share at an exercise\nprice of $0.15 for the first year following the closing date and $0.20 for the\nsecond year following the closing date. This is the first tranche of a $1.75\nmillion Unit financing ($2,187,500 if the 25% Over-Allotment Option is fully\nexercised by SAGE) previously announced on April 6, 2006. SAGE expects the\nsecond tranche to close on or about April 20, 2006.\nIn connection with the Offering, SAGE also agreed to pay $62,400 in\nfinders' fees and granted to certain finders compensation options (\"Options\")\nto acquire 384,000 Common Shares with each option entitling the holder thereof\nto purchase one Unit at the Issue Price at any time that is 24 months from the\ndate of closing.\nThe Common Shares, Warrants, Options and the Common Shares issuable upon\nexercise of the Warrants and Options are subject to a statutory hold period\nthat expires August 14, 2006.\nThe proceeds from the Offering will be used by SAGE for exploration on\nits properties in Ontario and Nevada and general working capital.\n\nSAGE is a mineral exploration and development company which has an\ninterest in seven exploration properties in Ontario and Quebec and six\nexploration properties in Nevada. SAGE's main properties are the Kerrs\nGold/Lake Abitibi property (the \"Kerrs Property\") which is located in the\nnorthern part of the Larder Lake Mining Division in northeastern Ontario and\nthe Dixie Fork, Triple Junction, Pony Spur, Dike, Corridors and Sugarloaf\nproperties (collectively, the \"Nevada Properties\") which are situated in\nnortheastern Nevada, within Elko County. Technical reports relating to the\nKerrs property and the Nevada properties can be obtained from the System for\nElectronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com\nThere are 58,681,881 issued and outstanding common s...