Business
South Atlantic Gold Inc. Announces $250K Financing
(TheNewswire) Kelowna, British Columbia – TheNewswire - February 1...
About this update from South Atlantic Gold, Inc.
[{"type":"text","content":"South Atlantic Gold Inc. Announces $250K 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 Kelowna, British\nColumbia –\n \n \n \n \n TheNewswire -\n \n \n \n \n February 15, 2023 - SOUTH ATLANTIC GOLD INC.\n(TSXV: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 ) announces\n \n \n it intends to complete a non-brokered private of\nup to 5,000,000 common shares of the Company (each a “\n \n \n Share\n \n \n ”) at a price\nof $0.05 per Share for gross proceeds of up to $250,000 (the\n“\n \n \n Offering\n \n \n ”).\n \n \n Proceeds will be used by the\nCompany for general working capital and administrative\npurposes.\n \n \n \n \n Insiders of the Company, including certain directors\nare expected to participate in the Offering. Such participation is\nconsidered a related party transaction within the meaning of\nMultilateral Instrument 61-101 – P\n \n \n \n rotection of Minority\nSecurity Holders in Special Transactions\n \n \n \n (\"\n \n \n \n MI 61-101\n \n \n \n \"). The related\nparty transaction will be exempt from minority approval, information\ncircular and formal valuation requirements 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 gross securities to be issued under the\nPrivate Placement nor the consideration to be paid by the insiders\nwill exceed 25% of the Company's market capitalization.\n \n \n \n \n The Company may pay finders' fees of 6% cash and 6%\nfinders warrants (“\n \n \n Finder\nWarrant\n \n \n ”) on externally sourced funds. Each\nFinder Warrant\n \n \n will entitle the holder to\nacquire one additional common share in the capital of the Company at a\nprice of $0.055 for 24 months from closing.\n \n \n \n \n The Offering remains subject to the approval of the TSX\nVenture Exchange. The securities issued pursuant to the Offering will\nbe subject to a four-month and one day hold period under applicable\nCanadian securities laws.\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 1933, as amended, and no such securities may\nbe offered or sold in the United States absent re...