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Signature Resources Announces Closing of First Tranche of Previously Announced Private Placement
TORONTO, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) ("Signature" or the "Company") is pleased to announce the
About this update from Signature Resources Ltd.
[{"type":"text","content":" TORONTO, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) (\"Signature\" or the \"Company\") is pleased to announce the closing of the first tranche of the non-brokered private placement announced on August 17, 2020 (the \"Offering\"). In this first tranche, the Company raised aggregate gross proceeds of $1,170,034 (the “First Tranche\") by issuing 22,560,686 hard dollar units (\"HD Units\") at a price of $0.05 per HD Unit and 700,000 flow-through units (\"FT Units\") at a price of $0.06 per FT Unit. The Company expects to close on the balance of the $1,500,000 Offering in a second tranche. \"We are extremely pleased to that investors have enthusiastically embraced this first tranche of our Offering. They recognize the potential of Signature as the company continues to explore and develop its Lingman Lake gold property,\" commented Walter Hanych, CEO and President. Each HD Unit issued pursuant to the First Tranche consists of one common share of the Company (each, a \"Common Share\") and one common share purchase warrant (each, a \"Warrant\"). Each FT Unit consists of one common share of the Company issued on a flow-through basis (\"FT Share\") and one half of one (1/2) Warrant. Each whole Warrant issued pursuant to the First Tranche will be exercisable into one Common Share at a price of $0.10 until August 25, 2022, provided that if after four months and one day following the closing of the First Tranche, the closing price of the Company's Common Shares on the TSX Venture Exchange is equal to or greater than $0.20 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. The FT Shares will qualify as “flow-through shares” (within the meaning of the Income Tax Act (Canada)). In connection with the First Tranche. the Company paid aggregate cash finder's fees of $51,640 and issued 1,018,800 finder's warrants (each, a \"Finder's Warrant\"). Each Finder's Warrant is exercisable to acquire one Common Share at a price of $0.05 (for Finder's Warrants issued pursuant to the sale of HD Units) and $0.06 (for Finder's Warrants issued pursuant to the sale of FT Units) for a period of 24 ...