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Signature Resources Announces Closing of Oversubscribed Private Placement and Engagement of Wood Canada to Complete the Initial Mineral Resource Estimate for Q2/22
Toronto, Ontario--(Newsfile Corp. - March 9, 2022) - Signature Resources Ltd. (TSXV: SGU) (OTC...
About this update from Signature Resources Ltd.
[{"type":"text","content":"Signature Resources Announces Closing of Oversubscribed Private Placement and Engagement of Wood Canada to Complete the Initial Mineral Resource Estimate for Q2/22Toronto, Ontario--(Newsfile Corp. - March 9, 2022) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE 3S3) (\"Signature\" or the \"Company\") is pleased to announce that due to strong demand, it has closed an over-subscribed non-brokered private placement (the \"Offering\"). Pursuant to the Offering previously announced in press releases on February 15 and 25, 2022, the Company has issued 19,692,335 non-flow-through shares (the \"NFT Shares\") and 18,082,800 flow-through shares (the \"FT Shares\") for aggregate gross proceeds of C$2,447,336.10. Each NFT Share was issued at a price of C$0.06 and each FT Share was issued at a price of C$0.07. The Company paid finder's fees of C$8,261.40 and issued 137,690 finder warrants exercisable at C$0.10/share for a period of 12 months from closing. All securities issued in the Offering are subject to a statutory hold period ending July 10, 2022, and the Offering is subject to final acceptance of the TSX Venture Exchange.\"This financing is designed to allow the Company to complete an initial NI 43-101 mineral resource estimate for our 100%-owned Lingman Lake Gold Project. We are undertaking this effort to determine the potential scale of the currently drilled mineralization at Lingman Lake and provide further guidance for focusing our 2022 exploration work planned for later this year.\" - Robert Vallis, President, CEO, and DirectorThe net proceeds from the Offering will be used for the mineral resource estimate and related deposit characterization, ongoing exploration data compilation and general corporate purposes.Signature Resources Selects Wood Canada Limited (formally Amec):Signature is also pleased to announce it has engaged the services of Wood Canada Limited (\"Wood\"), formerly Amec Foster Wheeler, to complete the previously announced initial NI 43-101 mineral resource estimate for the Lingman Lake Gold Project. Work has commenced with Wood and is expected to be completed late Q2 2022.Management Long-Term Incentive Options: As part of its commitment to a performance-based compensation plan, the Company has reserved for grant to certain senior management of the Company, 12,000,000 incentive stock options to...