Business
Sky Gold Financing Fully Subscribed Including Strategic Investment by Eric Sprott
VANCOUVER, BC / ACCESSWIRE / July 13, 2020 / Sky Gold Corp. (TSX-V:SKYG) (OTC PINK:SRKZF) ("S...
About this update from Sky Gold Corp.
[{"type":"text","content":"Sky Gold Financing Fully Subscribed Including Strategic Investment by Eric SprottVANCOUVER, BC / ACCESSWIRE / July 13, 2020 / Sky Gold Corp. (TSX-V:SKYG) (OTC PINK:SRKZF) (\"Sky Gold Corp.\" or the \"Company\") is pleased to announce that it has fully subscribed its previously announced private placement (see news release dated July 10, 2020).Mr. Eric Sprott is expected to participate in the Offering in an amount equivalent to provide a 19.9%, non-diluted, ownership interest in the issued and outstanding common shares of Sky Gold Corp. Assuming the Offering is fully subscribed, and there is no over-allotment, Mr. Sprott's subscription is expected to be C$1,050,000 or 10,500,000 Units, representing approximately 52.5% of the Offering.The financing comprises 20 million units at a price of 10 cents per unit for aggregate gross proceeds of $2-million, with each unit consisting of one common share and one-half of one transferable common share purchase warrant of the company entitling the subscriber to purchase one warrant share for a 24-month period after the closing date at an exercise price of 15 cents per share.\"Sky Gold's Newfoundland projects are adjacent to what is about to become a hotbed of activity this summer as our very well financed neighbour, New Found Gold Corp., prepares to drill a projected 100,000 meters over the next year. We look forward to exploring and drilling on our own properties in this up and coming, prolific gold camp.\" commented Mike England, CEO of Sky Gold Corp.Sky Gold's Newfoundland portfolio consists of two properties in Central Newfoundland: the recently expanded Mustang property and the Virginia property, contiguous to the south-western and north-eastern portions, respectively, of the Queensway Gold Project owned by New Found Gold Corp. The enlarged Mustang Expansion property comprises 1,875 ha with exploration activities to be conducted with local Gander-based crews that are ready to mobilize. Initial work, leading up to an inaugural drill program expected to commence later this summer, will include prospecting, geological mapping, rock outcrop and subcrop sampling and hand trenching. Work permits have just been received for the Virginia property, and permits for Mustang are expected to be approved.The eastern portion of the Mustang property hosts the well-documented Outflow prospect discovered b...