VANCOUVER, May 29 /CNW/ - Sego Resources Inc. ("Sego" or the "Company") is pleased to announce that it has closed the second tranche of the Offering described in the news release dated April 3, 2009. The Company has issued 8,166,000 Units at a price of $0.07 per Unit for gross proceeds of $571,620. Each unit (a Unit") consists of one common share and one share transferable purchase warrant (a "Warrant") which will entitle the holder to purchase on additional common share at a price of $0.10 per share for a period of five years.
Northern Securities Inc. ("Northern") acted as agent and received a 12% commission, a 5% work fee and non-transferable options equal to 25% of the number of Units sold pursuant to this closing.
The Units were sold pursuant to a Short Form Offering Document dated April 2, 2009, a copy of which is available on SEDAR at www.sedar.com. The Company may continue to offer the remaining 2,834,000 units at a price of $0.07 per unit for gross proceeds of up to $198,380.00.
The net proceeds of the Offering will be used for working capital and further exploration of the Company's Miner Mountain Project. The Miner Mountain Project is a copper gold porphyry property located near Princeton, B.C., and is 15 kilometres north of Copper Mountain Mining Corporation's former copper producer (closed 1996) that is scheduled to resume production in 2011, following a recent favourable feasibility study. The Miner Mountain Project is situated within the traditional territory of the Upper Similkameen Indian Band with whom Sego has a memorandum of understanding. The Miner Mountain property is 2400 hectares in size.
J. Paul Stevenson, CEO Sego Resources Inc. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No regulatory authority has approved or disapproved the information contained in this news release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statement of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.