Dilution of Phoenix Gold Fund Limited Shareholdings in South Atlantic Gold Inc.

About this update from South Atlantic Gold, Inc.

[{"type":"text","content":"Dilution of Phoenix Gold Fund Limited Shareholdings in South Atlantic Gold Inc.\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 \n \n \n \n \n \n \n \n \n Kelowna, BC -\n \n \n TheNewswire -\n \n \n August 2, 2023 -\n \n \n Phoenix Gold Fund Limited\n \n \n (“\n \n \n Phoenix\n \n \n ”) of Kuala Lumpur, Malaysia,\nannounces that as a result of the increase in the issued and\noutstanding shares of South Atlantic Gold Inc (the “\n \n \n Issuer\n \n \n ”) due to the\nclosing of a non-brokered private placement event by the Issuer,\nPhoenix no longer holds over 10% of the issued and outstanding shares\nof the Issuer.\n \n \n \n \n Prior to the event, Phoenix owned 10,000,000 common\nshares of the Issuer, representing approximately 10.06% of the issued\nand outstanding shares of the Issuer on an undiluted basis.\n \n \n \n \n As a result of the event, Phoenix continues to own\n10,000,000 common shares of the Issuer, representing approximately\n9.26% of the issued and outstanding shares of the Issuer on an\nundiluted basis assuming no further common shares of the Issuer have\nbeen issued.\n \n \n \n \n Phoenix continues to hold the securities for investment\npurposes only. Phoenix may, in the future, participate in financings\nand/or acquire or dispose of securities of the Issuer in the market,\nprivately or otherwise, subject to a number of factors, including\ngeneral market conditions and other available investment and business\nopportunities.\n \n \n \n \n The disclosure respecting Phoenix’s shareholdings\ncontained in this press release is made pursuant to the National\nInstrument 62-103 and/or the National Instrument 62-104 and a report\nrespecting the above acquisition will be filed with the applicable\nsecurities commissions using the Canadian System for Electronic\nDocument Analysis and Retrieval (SEDAR+) and will be available for\nviewing at\n \n \n \n \n https://www.sedarplus.ca/landingpage/\n \n \n \n \n .\n \n \n \n Copyright (c) 2023 TheNewswire - All rights reserved.\n \n \n","length":4279,"tagName":"div"}]

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