Business
Signature Resources Announces the Upsizing and Closing of Equity Financing and Addition to Its Board of Directors
Toronto, Ontario--(Newsfile Corp. - December 13, 2023) - Signature Resources Ltd. (TSXV: SGU) (OT...
About this update from Signature Resources Ltd.
[{"type":"text","content":"Signature Resources Announces the Upsizing and Closing of Equity Financing and Addition to Its Board of DirectorsToronto, Ontario--(Newsfile Corp. - December 13, 2023) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S3) (\"Signature\" or the \"Company\") is pleased to announce that the Company has upsized and completed its non-brokered private placement of flow-through shares (\"FT Shares\") and non-flow-through shares (\"NFT Shares\") for gross proceeds of C$696,250 (the \"Offering\") increased from the previously announced offering amount of C$600,000. The offering is comprised of 20,045,455 FT shares at C$0.0275 per share and 5,800,000 NFT Shares at a price of C$0.025. Twenty percent of the Offering has been purchased by members of the Company's board of directors and management. 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. \"This offering is another important step in our plan to deliver shareholder value and demonstrate the potential of the Lingman Lake Project. These funds will help us complete the important foundational work that facilitates our efforts to design our 2024 drill program which will allow us to complete our initial 43-101 resource. We believe with this work completed and the improving regional infrastructure this NW Ontario asset will prove to be a very attractive project.\"- J. Dan Denbow, CFA — Interim CEO and DirectorWith the closing of the Offering, Signature is excited to announce that it has added a significant individual investor to its shareholder roll. With the completion of this offering, Jonathan Goodman will own 17% of the outstanding shares of Signature. We are excited ...