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Signature Resources Announces Closing of Second Tranche of Private Placement
Not for distribution to U.S. news wire services or dissemination in the United States TORONTO, July 26, 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, July 26, 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 June 25, 2018, today it closed the second tranche (the “Second Tranche”) of a non-brokered private placement of up to $1,500,000 (the “Financing”) for gross proceeds of $454,600, bringing the total raised to $1,054,600. The Company issued 871,666 non-flow through units (“NFT Units”) and 2,592,592 flow-through common shares (“FT Shares”). The Company intends to close on additional tranches for up to another $445,400. The Financing consists of NFT Units at a price of $0.12 per NFT Unit, 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 will consist of one flow-through common share and one-half of one Warrant. As part of the Second Tranche of the Financing, the Company agreed to also issue FT Shares at $0.135, with each FT Share consisting of one flow-through common share. 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. In connection with the Second Tranche, the Company paid cash finder's fees of $24,500 and issued 181,481 finder's warrants (each, a “Finder's Warrant”). Each Finder's Warrant is exercisable to purchase one Common Share at a price of $0.135 for a period of 24 months from the issue date. 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. Pro...