Business
Amended: South Atlantic Gold Inc. Completes $255k Financing
(TheNewswire) Kelowna, B C - TheNewswire - March 21, 2023 - South Atlanti...
About this update from South Atlantic Gold, Inc.
[{"type":"text","content":"Amended: South Atlantic Gold Inc. Completes $255k Financing\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Kelowna,\nB\n \n \n \n \n C -\nTheNewswire -\n \n \n \n \n March 21, 2023 - South Atlantic Gold Inc.\n(TSX-V:SAO)\n \n \n \n (“\n \n \n \n South Atlantic”\n \n \n \n or the “\n \n \n \n Company”\n \n \n \n )\n \n \n has completed the previously announced financing\n(\n \n \n see new releases of February\n15, 2023)\n \n \n wherein the Company has\nissued\n \n \n today 5,100,000 common shares (the\n“\n \n \n Shares\n \n \n ”) at a price of $0.05 for gross proceeds of $255,000 (the\n“\n \n \n Offering\n \n \n ”).\n \n \n \n \n Certain Insiders of the Company participated in the\nOffering for an aggregate amount of 200,000 Common Shares.\n \n \n Such participation is considered a related\nparty transaction within the meaning of Multilateral Instrument 61-101\n– P\n \n \n \n rotection\nof Minority Security Holders in Special\nTransactions\n \n \n \n (\"\n \n \n \n MI 61-101\n \n \n \n \"). The related party transaction will be exempt from\nminority approval, information circular and formal valuation\nrequirements pursuant to the exemptions contained in Sections 5.5(a)\nand 5.7(1)(a) of MI 61-101, as neither the fair market value of the\ngross securities to be issued under the Private Placement nor the\nconsideration to be paid by the insiders will exceed 25% of the\nCompany's market capitalization.\n \n \n \n \n In connection with the Offering the Company has paid\naggregate finders' fees of $12,000 in cash and issued\n \n \n 240,000\n \n \n finders warrants\n(“\n \n \n Finder Warrant\n \n \n ”). Each Finder Warrant\n \n \n entitles the\nholder to acquire one additional Common Share at a price of $0.055 per\nshare\n \n \n until March 21, 2025.\n \n \n \n \n Proceeds raised from the Offering will be used\n \n \n by the Company for general working capital and\nadministrative purposes.\n \n \n \n \n All securities issued pursuant to the Offering will be\nsubject to a statutory four month and one day hold period under\napplicable securities laws expiring on July 22, 2023.\n \n \n \n \n None of the securities sold in\nconnection with the Offering will be registered under the United\nStates Securities Act of 193...