Business
Sky Gold Corp. Announces Critical Metals Flow-Through and Hard Dollar Financing
VANCOUVER, BC / ACCESSWIRE / October 12, 2023 / SKY GOLD CORP. ("Sky" or the "Company") (TSXV:SKY...
About this update from Sky Gold Corp.
[{"type":"text","content":"Sky Gold Corp. Announces Critical Metals Flow-Through and Hard Dollar FinancingVANCOUVER, BC / ACCESSWIRE / October 12, 2023 / SKY GOLD CORP. (\"Sky\" or the \"Company\") (TSXV:SKYG)(OTC PINK:SRKZF) announces a non-brokered private placement comprised of both flow-through units (\"FT Units\") specifically designed for critical metals and non-flow-through units (\"NFT Units\").The flow-through portion of the financing will consist of up to 5.0 million FT Units at a price of $0.06 per FT Unit, resulting in aggregate gross proceeds of up to $300,000. Each Critical Minerals FT Unit will include one flow-through share (\"FT Share\") that qualifies as a Critical Minerals flow-through share under the Income Tax Act (Canada), along with a transferable non-flow-through share purchase warrant of the Company (\"NFT Warrant\"). Each NFT Warrant will enable the holder to acquire an additional non-flow-through Share at a price of $0.10 per Share for a period of 24 months from the date of issuance.The gross proceeds from the FT Units will be utilized for incurring \"Canadian exploration expenses\" and \"flow-through critical mineral mining expenditures\" as defined in the Income Tax Act (Canada).All Shares, Warrants, and NFT Warrants, as well as the Shares underlying the Warrants and NFT Warrants, will be subject to a statutory hold period of four months and one day from the date of issuance.The non-flow-through portion of the financing will consist of up to 4 million NFT units at a price of $0.05 per NFT Unit for aggregate gross proceeds of $200,000 (the \"Offering\"). Each NFT Unit will be comprised of one common share (\"Share\") and one transferable 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 $0.10 per share. Proceeds raised from the Offering will be used towards exploration activities on the Company's portfolio of mining projects as well as general and administrative purposes. Finder's fees will be paid pursuant to this financing.The financing is subject to TSX Venture approval.SKY GOLD NI-CU-CO-PGE PROPERTIESSky has a dominant land position located five km southwest of the past-producing Shebandowan Ni-Cu-Co-Cr-PGE mine, operated by Inco Ltd. during the period of 1970 to 1998. The Sheb...