Savary Gold (SCA-V) Aug 8, '16 has launched a non-brokered private placement financing for total gross proceeds of up to $2,500,000 at a price of $0.11 per Unit (the "Offering"). Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at an exercise price of $0.15 per common share for a period of 30 months following the closing date of the Offering. In the event that the common shares trade on the TSX Venture Exchange at a volume weighted-average price of $0.30 or more for a period of at least twenty (20) consecutive trading days from that date which is 9 months following the closing, the Company shall be entitled to accelerate the exercise period to a period ending at least thirty (30) days from the date notice of such acceleration is provided to the holders of Warrants.
The proceeds from the financing will be used to fund an exploration program on the Karankasso project, Hounde 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 August 19, 2016 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 Exchange.
About Savary Gold
Savary Gold is a Canadian exploration company, along with partner, Sarama Resources Limited, are focused on exploring the Hounde South and Serakoro 1 Gold Properties in Burkina Faso. The properties are in the Birimian age Hounde Greenstone Belt, which hosts Semafo's Mana mine and additional gold deposits that are presently subject to extensive exploration efforts (including Endeavour Mining's Hounde Project, Roxgold Yaramoko Project and Sarama's South Hounde 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
savarygold.com |
