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South Atlantic Gold Inc. Announces Private Placement for $1.5M
(TheNewswire) Kelowna, British Columbia – TheNewswire - ...
About this update from South Atlantic Gold, Inc.
[{"type":"text","content":"South Atlantic Gold Inc. Announces Private Placement for $1.5M\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\n \n \n \n \n 1\n \n \n \n \n 1, 2021 - SOUTH ATLANTIC\nGOLD INC. (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 30,000,000 common shares of the Company at a price of $0.05 per\nshare for gross proceeds of up to $1,500,000 placement (the\n“\n \n \n Offering\n \n \n ”).\n \n \n Proceeds will be used by the\nCompany for exploration expenditures as well as general working\ncapital and administrative purposes.\n \n \n \n \n Douglas Meirelles\n \n \n , CEO stated, “\n \n \n We\nanticipate strong support for the Offering, including by certain\ndirectors of the Company. The Offering is intended to launch the\nCompany’s Phase II exploration program, anticipated to build on the\nearlier success of our Phase I program which, on a modest budget,\nexceeded expectations by delineating a Maiden Mineral Resource and\ndelivering a NI 43-101 compliant technical report. We look forward to\nreporting on further developments in due course.”\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...