Business
Sage raises $2.2 million with second tranche of $1.1 million
Sage raises $2.2 million with second tranche of $1.1 million.
About this update from Sage Potash Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol - TSXV: SGX\n\nTORONTO, April 26 /CNW/ - Sage Gold Inc. (\"SAGE\") announces that on\nApril 25, 2006, it closed a non-brokered private placement of 11,027,990 units\n(\"Units\") at Cdn $0.10 per Unit (the \"Issue Price\") for gross proceeds of\n$1,102,799 (the \"Offering\"), subject to final TSXV approval. Each Unit\nconsists of one common share (\"Common Share\") of SAGE and one half of one\nCommon Share purchase warrant (each whole Common Share purchase warrant a\n\"Warrant\"). Each whole Warrant entitles the holder thereof to acquire one\nCommon Share at an exercise price of $0.15 for the first year following the\nclosing date and $0.20 for the second year following the closing date. This is\nthe second tranche of a 22,017,990 Unit financing for gross proceeds of\n$2,201,799 previously announced on April 6, 2006. The first tranche closed on\nApril 13, 2006.\nIn connection with both tranches of the financing, SAGE also agreed to\npay a total of $116,880 in finders' fees and granted to certain finders\ncompensation options (\"Options\") to acquire 648,000 Common Shares with each\noption entitling the holder thereof to purchase one Unit at the Issue Price at\nany time that is 24 months from the date of closing.\nThe common shares are subject to a statutory hold period of four (4)\nmonths from the date of issue of the units.\nThe proceeds from the Offering will be used by SAGE for exploration on\nits properties in Ontario and Nevada and for general working capital purposes.\nThere are 69,709,871 issued and outstanding common shares, after giving\neffect to the Offering.\nSAGE is pleased to announce the following appointments: William Love,\nGeologist, M.B.A., as Vice-President Business Development; Art Hampson, C.A.,\nas C.F.O; and Michael Skutezky, LL.B., as Corporate Secretary. Nigel Lees,\nPresident and C.E.O., stated, \"These appointments will greatly strengthen the\nmanagement team and together with the completion of this financing, SAGE is\nwell positioned to continue its active exploration programs on its properties\nin Ontario, Quebec and Nevada. In addition, SAGE is pursuing several other\npotential property acquisitions as well as joint venture opportunities on its\nexisting properties. SAGE's goal is to develop the Company's existing\nproperties and acquire other mineral resources to accelerate...