Business
South Atlantic Announces Closing of Private Placement and Shares for Debt Arrangement
(TheNewswire)   March 13, 2026 - TheNewswire – Vancouver, British Columbia &#...
About this update from South Atlantic Gold, Inc.
[{"type":"text","content":"South Atlantic Announces Closing of Private Placement and Shares for Debt Arrangement\n(TheNewswire)\n\n\n\n \n\n\nMarch 13, 2026 - TheNewswire – Vancouver, British\nColumbia – South Atlantic Gold Inc. (TSX-V:SAO) (“South Atlantic” or\nthe “Company”) announces further to its news releases of February 13,\n2026 and February 26, 2026, it has closed the non-brokered private\nplacement offering (the “Offering”) for gross proceeds of\nC$4,200,000.  The Offering consisted of the issuance of 84,000,000\ncommon shares of the Company (the “Shares”) at a price\nof C$0.05 per Share. \n\n\n \n\n\nIn connection with the Offering the Company paid\naggregate finders' fees on externally sourced funds of $43,475\ncash, issued 4,167,500 Shares (the “Finder Shares”) at\na deemed price of $0.05 and issued 5,037,000 non-transferrable finders\nwarrants (“Finder\nWarrant”). Each Finder Warrant will entitle the holder to acquire one Share at a price of\nC$0.065 until March 13, 2028.  \n\n\n \n\n\nThe Shares issued pursuant to the Offering, Finder\nWarrants and Finder Shares are subject to a four-month and one day\nhold period under applicable Canadian securities laws expiring on July\n14, 2026.\n\n\nThe proceeds of the Offering will be used to advance\nthe Company’s Pedra Branca Project in Brazil and for general\ncorporate purposes.\n\n\nInsiders of the Company, participated in the Offering\nfor an aggregate 2,050,000 Shares. Such participation is considered a\nrelated party transaction within the meaning of Multilateral\nInstrument 61-101 – Protection of Minority Security Holders in Special\nTransactions (\"MI 61-101\"). The related party transaction is exempt from the\nshareholder approval and formal valuation requirements pursuant to the\nexemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as\nneither the fair market value of the gross securities to be issued\nunder the Private Placement nor the consideration to be paid by the\ninsiders will exceed 25% of the Company's market\ncapitalization.\n\n\n \n\n\nIn addition, as previously announced the Company has\nsettled C$500,000 of debt owed in connection\nwith a loan and unsecured promissory note agreement (the\n“Loan”) with a n...