Business
Sego Resources Closes $465,080 Financing to Fund Miner Mountain Drill Program Now Underway
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2021) - Sego Resources Inc., (TSXV...
About this update from Sego Resources Inc.
[{"type":"text","content":"Sego Resources Closes $465,080 Financing to Fund Miner Mountain Drill Program Now UnderwayVancouver, British Columbia--(Newsfile Corp. - November 12, 2021) - Sego Resources Inc., (TSXV: SGZ) (\"Sego\" or \"the Company\") is pleased to announce that the Company has closed a financing for total gross proceeds of $465,080, as previously announced on October 26, 2021 and November 8, 2021. The financing has been accepted for filing and closing by the TSX Venture Exchange. CEO J Paul Stevenson stated, \"The Company is now funded to drill the new Southern Gold Zone on its Miner Mountain Project, near Princeton, BC. The Southern Gold Zone is an apparent intrusive related gold system. Drilling is starting immediately.\"Pursuant to the private placement, Sego will issue in total 5,167,555 flow-through shares at $0.09 per share for gross proceeds of $465,080. The securities issued on closing are subject to the applicable statutory four-month + one-day hold period ending March 13, 2022. The proceeds will be expended on the continued exploration of the Company's Miner Mountain Southern Gold Zone located near Princeton, BC. Certain finder's fees are payable on a portion of the private placement and consist of 7% cash and 7% Broker's Warrant. Each Broker's Warrant entitles the holder to subscribe for an additional share for $0.09 for two years from the closing of the private placement.PI Financial Corp. received 7% cash ($12,045.60), 7% Broker's Warrants (133,840). Odlum Brown Limited received 7% cash ($5,323.50), 7% Broker's Warrants (59,150). Sightline Wealth Management received 7% cash ($1,890.00 cash), 7% Broker's Warrants (21,000). Echelon Capital Markets received 7% cash ($1,890.00), 7% Broker's Warrants (21,000).Any Broker's Warrants exercised prior to March 13, 2022 will be subject to the hold period.Insiders of the company subscribed for , with Selina Tribe, CFO and a director of the company, subscribing for 55,555 shares, Julian Jaffary, a deemed insider of the company, subscribing for 200,00 shares Aggregate Pro Group Involvement - 5 placees, 820,000 shares.As a result, the private placement is a related-party transaction (as defined under Multilateral Instrument 61-101 [Protection of Minority Security Holders in Special Transactions]). The company relied upon Section 5.5(a) (Fair Market Value Not More Than $2.5 million), Section 5....