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Signature Resources Ltd. Announces Non-Brokered Private Placement and the Acquisition of Twenty-One Additional Claims at Its Lingman Lake Gold Project
TORONTO, Aug. 17, 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, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE: 3S3) (\"Signature\" or the \"Company\") is pleased to announce that it will conduct a non-brokered private placement (the “Offering”), subject to the approval of the TSX Venture Exchange (the “Exchange”), for aggregate gross proceeds of up to $1,500,000. The Offering will consist of non-flow-through units (the “NFT Units”) at a price of $0.05 per NFT Unit, and flow-through units (the “FT Units”) at a price of $0.06 per FT Unit. “As markets react to geopolitical events and the global pandemic, the precious metal markets are responding as safe haven investments, and gold in particular is performing at unprecedented levels. In particular, investors are returning to junior gold exploration/mining companies, like Signature Resources, with its Lingman Lake gold property which hosts a historical estimate of 234,684 oz of gold. The funds will allow the company to further evaluate and advance its 12,148 hectare property. In addition, we are pleased that the detailed geophysical/structural interpretation announced in earlier press release dated June 14th, is successfully generating high priority follow-up target areas for this summer’s evaluation of them,” commented Walter Hanych, President and CEO of Signature Resources. As a result of the geophysical/structural evaluation, Signature Resources has acquired by staking an additional 21 single cell claim units covering approximately 420 hectares. Details of this acquisition and other results of the evaluation will be released in a forthcoming press release. Each NFT Unit issued pursuant to the Offering will consist of one common share of the Company (“Common Share”) and one common share purchase warrant (a “Warrant”). Each FT Unit issued pursuant to the Offering will consist of one Common Share issued on a flow-through basis (“FT Share”) and one-half of one Warrant. 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 Offering, the closing price of the Company's common shares on the Exchange is equal to or greater than $0.20 for 10 consecutive...