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Signature Resources Announces Closing of Final Tranche of Private Placement
Not for distribution to U.S. news wire services or dissemination in the United States TORONTO, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV:
About this update from Signature Resources Ltd.
[{"type":"text","content":" Not for distribution to U.S. news wire services or dissemination in the United States TORONTO, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF) (\"Signature\" or the \"Company\") is pleased to announce that, further to its press releases dated May 15, 2018, June 25, 2018 and July 26, 2018, today it closed the third and final tranche (the “Final Tranche”) of its previously announced non-brokered private placement (the “Financing”). The Final Tranche resulted in the Company issuing 3,729,317 NFT Units (as defined herein) for gross proceeds of approximately $447,508. Together with the first tranche closed on June 25, 2018 and the second tranche closed on July 26, 2018, the Financing has resulted in aggregate gross proceeds of approximately $1,502,108. No finders’ fees were paid upon closing of the Final Tranche. Mr. Walter Hanych, Chief Executive Officer of the Company, commented, “We are happy to receive the support from the market as we have closed on an amount greater than our initial goal.” The Financing consisted of non-flow-through units (“NFT Units”) at a price of $0.12 per NFT Unit, flow-through shares (“FT Shares”) at a price of $0.135 per FT Share, and flow through units (each a “FT Unit”) at a price of $0.14 per FT Unit. Each NFT Unit consists of one common share of the Company and one warrant (a “Warrant”). Each FT Unit consists of one flow-through common share and one-half of one Warrant. Each whole Warrant will entitle the holder thereof to acquire an additional common share (a “Warrant Share”) of the Company at an exercise price of $0.25 per Warrant Share for a period of 2 years from the date of issuance, provided that if after four (4) months and one (1) day following the closing of the Financing, the closing price of the Company's common shares on the TSX Venture Exchange is equal to or greater than $0.40 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 30th day after the date on which such press release is disseminated by the Company. Proceeds of this Financing will be used to further finance the Company’s prospecting, drilling and other exploration and development expenses and activities and for general corporate purposes. Proceeds from the sale of ...