Sylla Gold Corp. Announces Closing of Private Placement and Debt Settlement

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[{"type":"text","content":"Sylla Gold Corp. Announces Closing of Private Placement and Debt SettlementBedford, Nova Scotia--(Newsfile Corp. - June 22, 2021) - Sylla Gold Corp. (TSXV: SYG.H) (the \"Company\") is pleased to announce that, further to its press release of February 19, 2021, the Company has closed a non-brokered private placement through the issuance of 10,000,000 units (each, a \"Unit\") at a price of $0.10 per Unit for aggregate gross proceeds of $1,000,000 (the \"Offering\"). The net proceeds of the Offering will be used by the Company for working capital and the extinguishments of debts. Each Unit is comprised of one Common Share and one-half of one Common Share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant shall entitle the holder thereof to acquire one Common Share for a period of twelve (12) months from the closing date of the Offering at an exercise price of $0.15 per Common Share.In connection with the Offering, the Company paid certain eligible finders (the \"Finders\") a cash commission of $23,520.In addition, the Company is please to announce that, further to its press releases of February 19, 2021, April 9, 2021 and May 28, 2021, it has settled an aggregate of $410,000 of indebtedness owed to certain arm's length and non-arm's length creditors through the issuance of an aggregate of 1,640,000 Common Shares of the Company at a price of $0.25 per Common Share (the \"Debt Settlement\"). The Debt Settlement received disinterested shareholder approval at the special meeting of shareholders of the Company held on June 4, 2021. All securities issued pursuant to the Offering and Debt Settlement are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including final approval of the NEX.Pursuant to the Debt Settlement, Gregory Isenor acquired 820,000 Common Shares of the Company. Prior to the completion of the Debt Settlement, Mr. Isenor beneficially owned or controlled 1,227,100 Common Shares of the Company, representing approximately 23.37% of the Company's issued and outstanding Common Shares on a non-diluted basis. Upon completion of the Debt Settlement, Mr. Isenor wil...

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