Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE: 3S3)
("
Signature" or the "
Company") is
pleased to announce that it will conduct a non-brokered private
placement (the “
Offering”), subject to the
approval of the TSX Venture Exchange (the
“
Exchange”), for aggregate gross proceeds of up to
$1,500,000. The Offering will consist of non-flow-through units
(the “
NFT Units”) at a price of
$0.05 per NFT Unit, and flow-through units (the
“
FT Units”) at a price of $0.06
per FT Unit.
“As markets react to geopolitical events and the
global pandemic, the precious metal markets are responding as safe
haven investments, and gold in particular is performing at
unprecedented levels. In particular, investors are returning to
junior gold exploration/mining companies, like Signature Resources,
with its Lingman Lake gold property which hosts a historical
estimate of 234,684 oz of gold. The funds will allow the company to
further evaluate and advance its 12,148 hectare property. In
addition, we are pleased that the detailed geophysical/structural
interpretation announced in earlier press release dated June 14th,
is successfully generating high priority follow-up target areas for
this summer’s evaluation of them,” commented Walter Hanych,
President and CEO of Signature Resources.
As a result of the geophysical/structural
evaluation, Signature Resources has acquired by staking an
additional 21 single cell claim units covering approximately 420
hectares. Details of this acquisition and other results of the
evaluation will be released in a forthcoming press release.
Each NFT Unit issued pursuant to the Offering
will consist of one common share of the Company
(“Common Share”) and one common
share purchase warrant (a “Warrant”). Each FT Unit
issued pursuant to the Offering will consist of one Common Share
issued on a flow-through basis (“FT
Share”) and one-half of one Warrant. Each whole
Warrant will entitle the holder thereof to acquire an additional
Common Share (a “Warrant Share”) of the Company at
an exercise price of $0.10 per Warrant Share for a period of 2
years from the date of issuance, provided that if after four (4)
months and one (1) day following the closing of the Offering, the
closing price of the Company's common shares on the Exchange is
equal to or greater than $0.20 for 10 consecutive trading days,
then the Company may accelerate the expiry date of the Warrants by
disseminating a press release and in such case the Warrants will
expire on the 30th day after the date on which such press release
is disseminated by the Company. The FT Shares will qualify as
“flow-through shares” (within the meaning of the Income Tax Act
(Canada)).
Subject to Exchange approval, the Company may
pay finder’s fees of up to 10% of the proceeds raised from the
Offering and up to 10% warrants to purchase Common Shares to
certain persons who introduce the Company to investors of the
Offering. The securities issued pursuant to the Offering will be
subject to a four-month and one day hold period in accordance with
applicable Canadian securities laws and Exchange policies.
The Company has also granted 3,250,000 incentive
stock options, to directors, officers and consultants of the
Company. The incentive options have an exercise price of $0.10,
expire five years from the date of issuance and vest upon
issuance.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall it constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is unlawful.
These securities have not been, and will not be, registered under
the United States Securities Act of 1933, as amended, or any state
securities laws, and may not be offered or sold in the United
States or to U.S. persons unless registered or exempt
therefrom.
Qualified Persons
The scientific and technical content of this
press release has been prepared, reviewed and approved by Walter
Hanych P.Geo. and President-CEO of Signature Resources who is a
Qualified Person as defined in National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
About SignatureThe Lingman Lake
gold property consists of 622 staked claims, four free hold full
patented claims and 14 mineral rights patented claims totaling
approximately 12,148 hectares. The property hosts an historical
estimate of 234,684 oz of gold* (1,063,904 tonnes grading 6.86 g/t
with 2.73 gpt cut-off) and includes what has historically been
referred to as the Lingman Lake Gold Mine, an underground
substructure consisting of a 126.5-meter shaft, and 3-levels at
46-meters, 84-meters and 122-meters depths.
This historical resource estimate is based on
prior data and reports obtained and prepared by previous operators,
and information provided by governmental authorities. A Qualified
Person has not done sufficient work to verify the classification of
the mineral resource estimates in accordance with current CIM
categories. The Company is not treating the historical estimate as
a current NI 43-101 mineral resource estimate. Establishing a
current mineral resource estimate on the Lingman Lake deposit will
require further evaluation, which the Company and its consultants
intend to complete in due course. Additional information regarding
historical resource estimates is available in the technical report
entitled, “Technical Report on the Lingman Lake Property” dated
December 20, 2013, prepared by Walter Hanych, P.Geo., and Frank
Racicot, P.Geo., available on the Company’s SEDAR profile at
www.sedar.com
To find out more about Signature Resources
Limited, visit our website at
www.signatureresources.ca , or contact:
Walter HanychChief Executive Officer705.446.5379
Cautionary Notes
Neither 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 news release.
This news release contains forward-looking
statements which are not statements of historical fact.
Forward-looking statements include estimates and statements that
describe the Company’s future plans, objectives or goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be
identified by such terms as “believes”, “anticipates”, “expects”,
“estimates”, “may”, “could”, “would”, “will”, or “plan”. Since
forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are
based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management’s expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release
includes, but is not limited to, use of proceeds of the Offering,
closing of the Offering and proceeds therefrom, acceptance of
regulatory filings by the Exchange, the Company’s objectives, goals
or future plans, statements, exploration results, potential
mineralization, the estimation of mineral resources, exploration
and mine development plans, timing of the commencement of
operations and estimates of market conditions. Factors that could
cause actual results to differ materially from such forward-looking
information include, but are not limited to changes in general
economic and financial market conditions, failure to identify
mineral resources, failure to convert estimated mineral resources
to reserves, the inability to complete a feasibility study which
recommends a production decision, the preliminary nature of
metallurgical test results, delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals, political risks, inability to fulfill the duty to
accommodate First Nations and other indigenous peoples,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company’s public documents filed on SEDAR. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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