Sage Gold arranges $1-million private placement

Jun 14, 2017


Sage Gold Inc. intends to complete a non-brokered private placement, subject to regulatory approval. The offering will consist of the sale of 4.2 million common shares of the corporation, on a flow-through share basis, for gross proceeds of approximately $1-million. Eligible finders may receive in cash of up to 7 per cent and compensation share purchase warrants of up to 7 per cent of the offering. Each share purchase warrant entitles the holder to purchase its holder to purchase one common share at an exercise price of 30 cents per share for a period of 36 months following the closing date, whereupon the warrants will expire.

The corporation may, at its discretion, sell additional flow-through shares to raise additional proceeds of up to 25 per cent of the offering.

Securities issued pursuant to the offering shall be subject to a four-month hold period commencing on the closing date under applicable Canadian securities laws. The corporation intends to use the net proceeds from the offering to incur Canadian exploration expenses on its Clavos and Onaman properties.

The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities.

About Sage Gold Inc.

The company is a mineral exploration and development company that has primary interests in near-term production and exploration properties in Ontario. Its main properties are the 100-per-cent-owned Clavos gold property in Timmins and the 100-per-cent-owned Onaman property, including the Lynx copper-gold-silver property and other exploration properties in the Beardmore-Geraldton gold camp.

Sage Gold currently plans to complete a reserve estimate and a prefeasibility study regarding the Clavos project.

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