Signature Resources Provides an Update on the Equity Financing

About this update from Signature Resources Ltd.

[{"type":"text","content":"Signature Resources Provides an Update on the Equity FinancingToronto, Ontario--(Newsfile Corp. - March 24, 2025) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) (\"Signature\" or the \"Company) is pleased to announce that, due to strong demand, it is increasing the size of its previously announced non-brokered private placement of flow-through shares (\"FT Shares\") and non-flow-through units (\"NFT Units\") from gross proceeds of up to C$1,000,000 to up to C$1,400,000 (the \"Offering\").As announced on February 24, 2025, the Offering was initially structured to include FT Shares and NFT common shares, each priced at C$0.05. On March 11, 2025, the Company revised the structure of the NFT component to consist of NFT Units, priced at C$0.05 per unit. Each NFT Unit will be comprised of one common share of the Company (\"Common Share\") and one-half of one common share purchase warrant (\"Warrant\"). Each whole Warrant will entitle the holder to purchase one additional Common Share (a \"Warrant Share\") at an exercise price of C$0.08 for a period of 12 months from the date of issuance. Insiders of the Company are expected to subscribe for approximately 50% of the Offering.The net proceeds from the Offering will be used for completing the maiden NI 43-101, final expenses for the 2024 drilling program and general working capital purposes. It is expected that thirty percent of the proceeds will be used for completing the resource model, twenty five percent for the remaining drilling program expenses and forty-five percent for general working capital purposes including accrued invoices to a non-arm's length party. The Company may pay up to 7% of the gross proceeds as finders fees. None of the proceeds will be used for investor relations service providers. The Offering is subject to the acceptance of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws.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 under...

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