Business
South Atlantic Gold Inc. Announces Increase to Previously Announced Financing
(TheNewswire) Kelowna, British Columbia – TheNewswire - ...
About this update from South Atlantic Gold, Inc.
[{"type":"text","content":"South Atlantic Gold Inc. Announces Increase to Previously Announced Financing\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Kelowna, British\nColumbia –\n \n \n \n \n TheNewswire -\n \n \n \n \n November 26, 2021 - 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 has increased the previously announced\nfinancing (\n \n \n see new release of\nNovember 11, 2021)\n \n \n wherein the Company has\nincreased the Offering\n \n \n to 35,000,000 common\nshares of the Company at a price of $0.05 per share for gross proceeds\nof up to $1,750,000 placement (the “\n \n \n Offering\n \n \n ”).\n \n \n Proceeds will be used by the Company for\nexploration expenditures as well as general working capital and\nadministrative purposes.\n \n \n \n \n To demonstrate continued support of the Company's\ngrowth plans, insiders of the Company, including certain directors are\nexpected 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 $0.06 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 in accordance with\napplicable Canadian securities laws the Exchange Hold Period.\n \n \n \n \n None of the...