Business
Sky Gold Closes Financing Including Strategic Investment by Eric Sprott
VANCOUVER, BC / ACCESSWIRE / July 23, 2020 / Sky Gold Corp. (TSXV:SKYG)(OTC PINK:SRKZF) ("Sky...
About this update from Sky Gold Corp.
[{"type":"text","content":"Sky Gold Closes Financing Including Strategic Investment by Eric SprottVANCOUVER, BC / ACCESSWIRE / July 23, 2020 / Sky Gold Corp. (TSXV:SKYG)(OTC PINK:SRKZF) (\"Sky Gold Corp.\" or the \"Company\") is pleased to announce that further to its press releases dated July 10 and July 13, 2020, the Company has closed the non-brokered private placement. The Company issued 20,000,000 units (the \"Units\") at a price of $0.10 per Unit for aggregate gross proceeds of $2,000,000. Each Unit will be comprised of one common share (\"Share\") and one half of one transferable common share purchase warrant of the Company (\"Warrant\"). Each whole Warrant will entitle the Subscriber to purchase one Warrant Share for a 24-month period after the Closing Date at an exercise price of $0.15 per share. The warrants issued with the units sold will be subject to an acceleration provision. After four months have elapsed from closing, if Sky's shares trade above $0.35 for 10 consecutive trading days, the Company has the option to provide notice to the warrant holders that their warrants will expire if they are not exercised within 30 days.Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 10.5 million units pursuant to the private placement. As a result, Mr. Sprott beneficially owns and controls 10.5 million shares of the company and 5.25 million warrants, representing approximately 18.5 per cent of the issued and outstanding common shares on a non-diluted basis.The units were acquired by Mr. Sprott through 2176423 Ontario Ltd. for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire or sell additional securities of the company, including on the open market or through private transactions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.Proceeds raised will be used for advancing the Company's Newfoundland properties as well as for general working capital.Finders' fees of $61,920 were paid to arm's length parties.The Private Placement is subject to TSX Venture Exchange final approval.About Sky Gold Corp.Sky Gold Corp. is a junior mineral exploration company engaged in acquiring and advancing mineral properties in Canada and the USA. In addition to the Company's Newfoundland properties, the Company also owns the Evening Star ...