Business
South Atlantic Completes $512,040 Non-Brokered Private Placement
(TheNewswire) Vancouver, British Columbia - TheNewswire - July 31, 2023 - South...
About this update from South Atlantic Gold, Inc.
[{"type":"text","content":"South Atlantic Completes $512,040 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 31, 2023 -\n \n \n South\nAtlantic 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 that it has completed the\npreviously announced non-brokered private placement offering (the\n“\n \n \n Offering\n \n \n ”) for gross proceeds of $512,040 to the Company.  The\nOffering consisted of 8,533,999 common shares of the Company (the\n“\n \n \n Common Shares\n \n \n ”) at a price of $0.06 per Common Share.\n \n \n \n \n The proceeds of the Offering will be used to continue\nto advance the Company’s due diligence on the proposed acquisition\nof the Tucano Gold Mine in Brazil (the “\n \n \n Proposed Acquisition\n \n \n ”), as previously announced on July 5, 2023,  business\ndevelopment and for general corporate purposes.\n \n \n \n \n Insiders of the Company, including certain directors\nparticipated in the Offering for an aggregate amount of $19,000 Common\nShares. Such participation is considered a related party transaction\nwithin the meaning of Multilateral 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\nrelated party transaction will be exempt from minority approval,\ninformation circular 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 Offering nor the consideration to be paid by the insiders\nwill exceed 25% of the Company's market capitalization.\n \n \n \n \n No finders’ fees were paid in connection with the\nOffering.\n \n \n \n \n All securities issued under the Offering will be\nsubject to a hold period expiring on December 1, 2023\n \n \n \n \n The Common Shares\nhave not been, and will not be, registered under the United States\nSecurities Act of 1933, as amended (the “U.S. Securities Act”), or\nany U.S. state securities laws, and may not be offer...