Skyledger Tech Corp. Announces Private Placement of $6 Million

About this update from Snowline Gold Corp.

Skyledger Tech Corp. Announces Private Placement of $6 MillionVancouver, British Columbia--(Newsfile Corp. - January 25, 2021) - Skyledger Tech Corp. (CSE: SKYL) (the "Company" or "Skyledger") is pleased to announce its intention to complete a non-brokered private placement of 20,000,000 subscription receipts (the "Subscription Receipts") at a price of $0.30 per Subscription Receipt for proceeds of $6,000,000 (the "Private Placement"). Each Subscription Receipt will be automatically exercised into one unit of the Company (each, a "Unit") upon completion of the previously announced transaction pursuant to which the Company will acquire all of the issued and outstanding shares of Senoa Gold Corp., which holds certain mineral claims in the Yukon (the "Transaction"). Each Unit will consist of one common share of the Company (each, a "Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional common share of the Company (each, a "Warrant Share") at a price of $0.50 for a period of two years from the date of issue. For further details regarding the Transaction, see the Company's news releases dated October 15, 2020, November 17, 2020 and December 2, 2020.The proceeds from the sale of the Subscription Receipts will be held in escrow pending completion of the Transaction. Following the completion of the Transaction, the funds are expected to be used for exploration and related expenditures on the Yukon properties to be acquired, and for working capital purposes.The Subscription Receipts, including the Shares and the Warrants issuable upon automatic exercise of the Subscription Receipts, will be subject to a statutory hold period of four months and a day under Canadian securities laws.Further InformationInvestors are cautioned that any information released or received with respect to the Transaction, including in this news release, may not be complete and should not be relied upon.Completion of the Transaction is subject to a number of conditions, including but not limited to, Canadian Securities Exchange (the "CSE") and shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.The CSE ha...

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