Business
Signature Announces Closing of Final Tranche of Private Placement
TORONTO, ONTARIO--(Marketwired - July 21, 2016) - Signature Resources Ltd. (TSX VENTURE:SGU)(OTC PINK:SGGTF) ("Signature" or the "Company") is pleased to announ
About this update from Signature Resources Ltd.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - July 21, 2016) - Signature Resources Ltd. (TSX VENTURE:SGU)(OTC PINK:SGGTF) (\"Signature\" or the \"Company\") is pleased to announce today that it closed the second and final tranche (the \"Second Tranche\") of its unit (the \"Units\") financing (the \"Financing\") initially announced in its news release of April 21, 2016. The closing of the Second Tranche resulted in gross proceeds to the Company of $599,544 from the sale of 11,990,870 Units, which together with the first tranche of the Financing (see the Company's news release of July 5, 2016), has resulted in aggregate gross proceeds to the Company of $1,066,338. The proceeds realized from the Second Tranche will be used for general corporate and working capital purposes, and for the continued exploration of the Company's Lingman Lake property. Mr. Walter Hanych, Chief Executive Officer of the Company, commented, \"We are extremely pleased to close the Second Tranche of our Financing. The oversubscription to the Financing is a clear expression of shareholder confidence in the Company and an endorsement of the potential that the Lingman Lake gold property offers. We look forward to advancing this gold property and building an asset of value beneficial to all shareholders.\" Each Unit was sold at a price of $0.05 and consists of one common share of the Company (each, a \"Common Share\") and one common share purchase warrant (each, a \"Warrant\"). Each Warrant issued pursuant to the Second Tranche of the Financing will be exercisable at a price of $0.15 for a period of 24 months following closing of the Second Tranche, provided that if after four months and one day following the closing of the Second Tranche, the closing price of the Company's Common Shares on the TSX Venture Exchange is equal to or greater than $0.25 for 10 consecutive trading days, then the Company may accelerate the expiry date of the Warrants by disseminating a press release and in such case the Warrants will expire on the 90th day after the date on which such press release is disseminated by the Company (the \"Acceleration Clause\"). In connection with the Second Tranche, the Company paid a cash finder's fee to Janice Rushford of $34,800 and issued 688,000 finder's warrants (each, a \"Finder's Warrants\"). Each Finder's Warrant issued pursuant to the Second Tranche of the F...