Business
Signature Resources Announces Equity Financing and Option Grant
Toronto, Ontario--(Newsfile Corp. - November 6, 2023) - Signature Resources Ltd. (TSXV: SGU) (OTC...
About this update from Signature Resources Ltd.
[{"type":"text","content":"Signature Resources Announces Equity Financing and Option GrantToronto, Ontario--(Newsfile Corp. - November 6, 2023) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S3) (\"Signature\" or the \"Company\") is pleased to announce that the Company is offering a non-brokered private placement of flow-through shares (\"FT Shares\") and non-flow-through shares (\"NFT Shares\") for gross proceeds of up to C$600,000 (the \"Offering\"). Nearly twenty percent of the Offering is expected to be subscribed for by members of the Company's board of directors and management.Each FT Share is being offered at C$0.0275 per share and each NFT Share is being offered at a price of $0.025 per share. All securities issued pursuant to this proposed private placement will be subject to the Exchange Hold Period and legend accordingly. The net proceeds from the Offering will be used for resource modelling and related deposit characterization, designing the 2024 drill program, ongoing exploration data compilation, and general working capital purposes. It is expected that twenty percent of the proceeds will be used for general working capital purposes with the remainder spent on exploration and deposit definition activities. Approximately twenty percent will be paid to consultants for resource modelling and drill program design activities. None of the proceeds will be used for payments to non-arm's length parties or for investor relations service providers. Option GrantThe Board of Directors has granted a combined total of 2,100,000 incentive stock options to the Board and Management of the Company. The options have an exercise price of $0.05, expire five years from the grant date. The options vest 25% immediately and 25% annually thereafter until the third anniversary. About SignatureThe Lingman Lake gold property (the \"Property\") consists of 1,300 staked claims, four freehold fully patented claims and 14 mineral rights patented claims totaling approximately 24,761 hectares. The Property includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-metre shaft, and 3-levels at 46-metres, 84-metres and 122-metres depths. There has been over 28,000 metres of historical drilling done on the Property.To find out more about Signature, visit our website at www.signatureresources.ca, ...