Business
San Lorenzo Upsizes its Previously Announced Private Placement and Closes Second Tranche
(TheNewswire) CALGARY, ALBERTA – TheNewswire - March 31, 2022 ...
About this update from San Lorenzo Gold Corp
[{"type":"text","content":"San Lorenzo Upsizes its Previously Announced Private Placement and Closes Second Tranche \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n CALGARY, ALBERTA –\n \n \n TheNewswire\n-\n \n \n March 31, 2022\n \n \n –\n \n \n San Lorenzo Gold\nCorp.\n \n \n (\"\n \n \n San Lorenzo\n \n \n \" or\nthe \"\n \n \n Corporation\n \n \n \")\n \n \n (\n \n \n TSXV:SLG),\n \n \n (\n \n \n OTC:SNLGF\n \n \n )\n \n \n is pleased to\n \n \n announce\nthat it has completed a second tranche closing (the \"\n \n \n Second Tranche Closing\n \n \n \") of its recently announced private placement (see San\nLorenzo press release dated March 10, 2022) of units of the\nCorporation (\"\n \n \n Units\n \n \n \") at a price of $0.10 per Unit, and\ndue to strong investor demand, it has increased the maximum size of\nthe private placement from 10,000,000 Units for aggregate gross\nproceeds of $1,000,000 to 15,000,000 Units for gross proceeds of\n$1,500,000 (the \"\n \n \n Offering\n \n \n \"). Each Unit is comprised of one\n(1) common share of the Corporation (“\n \n \n Common Share\n \n \n ”) and\none (1) Common Share purchase warrant (“\n \n \n Warrant\n \n \n ”). Each\nWarrant is exercisable at $0.20 per Common Share for a period of 12\nmonths from the date of issuance.\n \n \n \n \n The Second Tranche Closing yielded gross proceeds of\n$720,000 which involved the issuance of 7,200,000 Units comprised of\n7,200,000 Common Shares and 7,200,000 Warrants.  Finder’s fees in\nthe aggregate amount of $49,000 and 504,000 broker warrants\n(\"\n \n \n Broker\nWarrants\n \n \n \") were paid and issued in respect\nof the Second Tranche Closing. Each Broker Warrant entitles the holder\nto acquire one Common Share at a price of $0.10 per Broker Warrant for\na period of 12 months from the date of issuance.\n \n \n \n \n Proceeds from the Second Tranche Closing will be used\nfor working capital purposes including the costs for the drilling\nprogram at the Corporation’s Salvadora property and to pay the\nexpenses associated with the Offering. Unless the Corporation\ndetermines to further increase the gross proceeds of the Offering, if\nadditional subscriptions received for the Offering based on all\navailable exemptions exceed the remaining Offering amount of $380,000,\nUnits will be allocated on a first come, fi...