Business
Signature Resources Announces the Commissioning of Detailed Interpretive Geophysical Report
TORONTO, June 15, 2020 (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, June 15, 2020 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE: 3S3) (\"Signature\" or the \"Company\") is pleased to announce the commissioning of a detailed interpretation of its geophysical surveys. “We are excited that we will be undertaking a detailed technical interpretation of the airborne geophysical surveys in relation to structural controls. This is important because many Archean lode gold deposits have a strong linear structural control with associated splays which contain zones of gold mineralization. Past interpretation has defined extended targets, we are now going to enhance these targets to prioritize for follow-up ground evaluation by prospecting, mapping, select ground geophysics and soil sampling. Results from this interpretation will be made available as soon as the structural and geophysical consultants draft a report of their findings”, commented Walter Hanych, President and CEO of Signature Resources. Signature is also pleased to announce today it closed a non-brokered private placement (the “Financing”) for gross proceeds of $192,300 by issuing 3,846,000 non-flow through units (“NFT Units”) at a price of $0.05 per NFT Unit. The Financing consists of NFT Units at a price of $0.05 per NFT Unit. 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 $0.10 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 $0.20 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 conjunction with the Financing, the Company paid cash finders fees of $14,300 and issued 286,000 finder’s warrants (“Finder’s Warrants”). Each Finder’s Warrant is exercisable to acquire one Common Share at a price of $0.05, for a period of 2 years from the Closing Date. Securities issued pursuant to the Financing are subject to a statutory four-month plus one day hold period, which will e...