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Signature Resources Announces Closing of First Tranche of Private Placement and Lingside Claims Purchase
Not for distribution to U.S. news wire services or dissemination in the United States TORONTO, June 25, 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, June 25, 2018 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV:SGU) (OTCQB:SGGTF) (\"Signature\" or the \"Company\") is pleased to announce that further to its press release of May 15, 2018, today it closed the first tranche (the “First Tranche”) of a non-brokered private placement of up to $1,500,000 (the “Financing”) for gross proceeds of $600,000 by issuing 5,000,000 non-flow through units ( “NFT Units”). No finders’ fees were issued in conjunction with the closing of the First Tranche. The Company intends to close on additional tranches for up to another $900,000. The Financing consists of NFT Units at a price of $0.12 per NFT Unit, and flow-through unit (the “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 will consist 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. Securities issued pursuant to the first tranche closing of the Financing are subject to a statutory four-month plus one day hold period, which will expire on October 26, 2018. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. These securities have not been, and will not be, register...