Savary Gold (SCA-V) Increases Financing to $3 Million from $2 Milion
March 12, '15 - NR
Savary Gold has increased the size of its private placement financing announced on February 26, 2015, to up to $3,000,000 due to investor interest. Accordingly, Savary will issue up to 60,000,000 units at a price of $0.05 per unit. Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one common share of the Company at an exercise price of $0.08 per common share for a period of 36 months following the closing date of the Offering.
The proceeds from the financing will be used to fund an exploration program on the Karankasso project, Houndé belt, Burkina Faso, with partner Sarama Resources Ltd. and for general corporate purposes. All securities issued by Savary will be subject to a hold period of four months and one day. Closing of the Offering is expected to occur on or before March 18, 2015 and is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange.
In connection with the Offering, Savary may pay cash finder's fees up to 7% and finder warrants of up to 7% of the proceeds to eligible finders in accordance with the policies of the TSX Venture.
About Savary Gold
Savary Gold is a Canadian exploration company, along with partner, Sarama Resources Limited, are focused on exploring the Houndé South and Serakoro 1 Gold Properties in Burkina Faso. The properties are in the Birimian age Houndé Greenstone Belt, which hosts Semafo's Mana mine and additional gold deposits that are presently subject to extensive exploration efforts (including Endeavour Mining's Houndé Project, Roxgold Yaramoko Project and Sarama's South Houndé Project, which is adjacent to Savary Gold's property). For additional information please visit our website at www.savarygold.com and follow us on Facebook, Linked-In and Twitter: @SavaryGold.
Don Dudek, P.Geo., President and CEO of the Company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
SAVARY GOLD CORP.
On behalf of the Board
Don Dudek, President & Chief Executive Officer
Savary Gold Corp.
Rob Hopkins
Manager, Investor Relations
416-861-5899
info@savarygold.com
www.savarygold.com |
