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Signature Resources Announces $1.42 Million Flow Through Deal Backstopped by Crescat Capital LLP
TORONTO, March 18, 2021 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) ("Signature" or the "Company") is pleased to announce th
About this update from Signature Resources Ltd.
[{"type":"text","content":" TORONTO, March 18, 2021 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) (\"Signature\" or the \"Company\") is pleased to announce that it has closed on a non-brokered charity flow through private placement for 9,090,909 shares at a price of CAD$0.156 per share for gross proceeds of approximately CAD$1.42 million (the “Offering”). It is important to highlight that the pricing for the Offering was consummated in early February which represented a premium of over 40% to Signature’s share price at that time. Proceeds will be used for flow through exploration at Lingman Lake Gold Project where ~2,500 metres of drilling has commenced. The shares issued in the Offering will qualify as “flow-through shares” (within the meaning of the Income Tax Act (Canada)). Highlights: Crescat Capital LLP (“Crescat”) is a Denver based hedge fund that has experience investing in gold exploration companies. As a result of this investment, Crescat will retain a right to participate in any future financing on a pro-rata basis of their ownership in Signature. Signature’s approved and fully funded exploration budget of ~2,500 metres with 13 holes testing multiple sub-vertical parallel zones has commenced. Drilling is designed with the intent of conducting step out drill holes and is planned to expand the known mineralization to the west and down dip using the Company’s 100% owned diamond drill rig. “We are very pleased that Crescat Capital has decided to join Signature Resources on this exciting journey as a valued shareholder. We look forward to building on this newly formed relationship as we test both the extent of the historic resource but also the vast regional district potential that we see at the Lingman Lake Gold Project. We appreciate the kind and supportive commentary made by Crescat Capital during their recent webcast1.” Robert Vallis, P.Eng.,MBA – President, CEO, and Director The use of proceeds will be focused on flow through eligible exploration efforts at the Lingman Lake Gold Project in Ontario. 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, registered under the United...