Business
Sego Resources Closes First Tranche of Financing
Vancouver, British Columbia--(Newsfile Corp. - January 2, 2020) - Sego Resources Inc. (TSXV: S...
About this update from Sego Resources Inc.
[{"type":"text","content":"Sego Resources Closes First Tranche of FinancingVancouver, British Columbia--(Newsfile Corp. - January 2, 2020) - Sego Resources Inc. (TSXV: SGZ) (\"Sego\" or \"the Company\") is pleased to announce that the Company has closed the first tranche of a financing for total gross proceeds of $167,980 as part of the financing previously announced on November 28, 2019 and revised on December 11, 2019. In this first tranche of the financing, Sego will issue in total 1,963,000 units at $0.06 per unit of Flow-Through Units (\"FTU\") for gross proceeds of $117,780, and 1,004,000 units at $0.05 per unit for Non Flow-Through units (\"NFTU\") for gross proceeds of $50,200. A Director of the Company, Brent Petterson purchased 504,000 NFTU in this tranche and an insider, Julian Jaffary purchased 500,000 FTU. Julian Jaffary is deemed an insider by virtue of holding greater than 10% of the Company's issued shares with her family. Insider reports for the family are under the name of Dr. Elliot Strashin.Each FTU unit consists of one common share and one share purchase warrant. Each FTU warrant entitles the holder to purchase an additional common share at $0.15 for two years from closing of the private placement. Each NFTU consists of one common share and one share purchase warrant. Each NFTU warrant entitles the holder to purchase an additional common share at $0.10 for two years from the closing of the private placement. The securities issued under this closing are subject to the applicable statutory 4 month + one day hold period from the date of issuance, the hold period will expire on May 1, 2020. There were 17 placees in the financing with Aggregate Pro Group Involvement of 3 Placees. Finders Fees of $5,864.60 in cash and 98,910 finders' warrants were payable to PI Financial Corp. Each finders' warrant entitles the holder to acquire one unit at $0.06 (91,910 warrants) and at $0.05 (7,000 warrants) for a two year period from the closing.The flow through proceeds will be expended on the continued exploration of the Company's Miner Mountain Copper-Gold Alkalic Porphyry project located near Princeton, BC. The non-flow through proceeds will be used for working capital and general corporate purposes. The Company fully expects to spend the funds as stated; there may be circumstances, for sound business reasons, where a reallocation of funds may be nec...