Business
San Lorenzo Announces Rig Mobilization, Private Placement and Option Grant
CALGARY, AB / ACCESSWIRE / March 10, 2022 / San Lorenzo Gold Corp. (" San Lorenzo " or the "...
About this update from San Lorenzo Gold Corp
[{"type":"text","content":"San Lorenzo Announces Rig Mobilization, Private Placement and Option GrantCALGARY, AB / ACCESSWIRE / March 10, 2022 / San Lorenzo Gold Corp. (\"San Lorenzo\" or the \"Company\") (TSXV:SLG)(OTCQB:SNLGF) is pleased to announce that a diamond drilling rig is mobilizing this week to its 100% owned Salvadora copper/gold/silver property. A drilling program consisting of up to 3,000 metres is planned and in connection with that program, the Company plans to complete a non-brokered private placement of up to 10,000,000 units of the Company (\"Units\") at a price of $0.10 per Unit, for aggregate gross proceeds of up to $1,000,000. (the \"Offering\"). There is no minimum Offering. Each Unit will be comprised of one (1) common share of the Company (\"Common Share\") and one Common Share purchase warrant (\"Warrant\"). Each full Warrant shall be exercisable at $0.20 per Common Share for a period of 12 months from the date of closing of the Offering. San Lorenzo may pay a cash commission or finder's fee to qualified non-related parties of up to 7% of the gross proceeds of the Offering payable in cash together with warrants representing 7% of the common shares issued in connection with the Offering (\"Broker Warrants\"). Each Broker Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 for a period of 12 months following closing of the Offering. The proceeds of the Offering will be used for working capital including the costs for San Lorenzo's drilling program at Salvadora and to pay the expenses of the Offering.The Offering is being offered to all of the existing shareholders of the Company who are permitted to subscribe pursuant to the Existing Shareholder Exemption. The Company anticipates that the Offering may close in tranches with the final closing to occur on or around March 31, 2022. Any existing shareholders interested in participating in the Offering should contact the Company using the contact information set forth below. It is expected that certain directors and officers of the Company will participate in the Offering.As the Company is also relying on the Exemption for Sales to Purchasers Advised by Investment Dealers, it confirms that there is no material fact or material change about the Company which has not been generally disclosed. In addition to offering the Units pursuant...