South Atlantic Announces C$510,000 Non-Brokered Private Placement

About this update from South Atlantic Gold, Inc.

[{"type":"text","content":"South Atlantic Announces C$510,000 Non-Brokered Private Placement\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 Vancouver, British Columbia -\n \n \n TheNewswire -\n \n \n July 11, 2023 -\n \n \n South Atlantic Gold Inc.\n \n \n (TSX-V:SAO)\n \n \n (“\n \n \n South Atlantic\n \n \n ” or\nthe “\n \n \n Company\n \n \n ”) is pleased to announce a non-brokered private placement\noffering (the “\n \n \n Offering\n \n \n ”) for gross proceeds of up to\nC$510,000.  The Offering will consist of up to 8.5 million common\nshares of the Company (the “\n \n \n Common Shares\n \n \n ”) at a price of C$0.06 per\nCommon Share.\n \n \n \n \n The proceeds of the Offering will be used to advance\nthe Company’s due diligence on its proposed acquisition of the\nTucano Gold Mine in Brazil, as previously announced on July 5, 2023,\nand for general corporate purposes.\n \n \n \n \n Insiders of the Company, including certain directors\nare expected to participate in the Offering. Accordingly, the Offering\nis considered a “related party transaction” within the meaning of\nMultilateral Instrument 61-101 –\n \n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n \n (“\n \n \n MI 61-101\n \n \n “). The\nOffering will be exempt from minority shareholder approval, and formal\nvaluation requirements of MI 61-101 pursuant to the exemptions\ncontained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither\nthe fair market value of the Common Shares nor the consideration to be\npaid for the Common Shares, insofar as it involved related parties\nwill exceed 25% of the Company’s market capitalization. As the\nmaterial change report relating to the completion of the Offering will\nbe filed on SEDAR less than 21 days before the completion of the\nOffering, there is a requirement under MI 61–101 to explain why the\nshorter period is reasonable or necessary in the circumstances. In the\nCompany’s view, the shorter period is reasonable and necessary in\nthe circumstances because the related parties and the Company wished\nto complete the Offering in a fashion that resulted in the invested\nfunds being received directly by the Company in a timely manner...

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