Sitka Gold (SIG-Cse) up to $1.25 Million Private Placement
Sept 13, '23 - NR
Sitka Gold is pleased to announce a non-brokered private placement (the “Offering”) of flow-through units (“FT Units”) at a price of $0.18 per FT Unit, for aggregate gross proceeds of up to $1,250,000.
Each FT Unit will consist of one flow-through common share in capital of the corporation and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one non-flow-through Common Share (a "Common Share") at a price of $0.36 per Common Share for a period of 24 months from the date of issuance.
The securities offered pursuant to Offering will be subject to a statutory hold period of four months and a day from the date of issuance. The Company may pay a finder’s fee on a portion of the gross proceeds of the Offering. The Offering remains subject to regulatory approval and the approval of the Canadian Securities Exchange (“CSE”).
The Company intends to use the net proceeds of the Offering for exploration and related programs on the Company’s Yukon gold properties which qualify as “Canadian Exploration Expenses” as such term is defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Income Tax Act (Canada) (the “Tax Act”) and “flow through mining expenditures” as defined in subsection 127(9) of the Tax Act that will qualify as “flow-through mining expenditures”, which will be incurred on or before December 31, 2024 and renounced with an effective date no later than December 31, 2023, to the purchasers of FT Units.
About Sitka Gold Corp.
Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada. The Company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the RC, Barney Ridge, Clear Creek and OGI properties in the Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, its Mahtin Gold property in the Yukon and its Coppermine River project in Nunavut.
The Company recently announced an NI 43-101 compliant initial inferred Mineral Resource Estimate of 1,340,000 ounces of gold(1) beginning at surface and grading 0.68 g/t at its RC Gold Project in Yukon (see news release dated January 19, 2023). A total of approximately 6500 metres of additional diamond drilling within 16 drill holes has been completed at RC Gold since the announcement of the Mineral Resource Estimate with results still pending for 2 drill holes that were completed in mid-September of this year.
The Company is also currently drilling at its Alpha Gold Property in Nevada (see news release dated November 8, 2023). Having recently discovered a new Carlin-type gold system at Alpha, the Company is now focused on vectoring towards the high-grade core of this system, which is located on the Cortez Trend just 40 km southeast of the Cortez Mine Complex of Barrick/Newmont.
- Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory
The scientific and technical content of this news release has been reviewed and approved by Cor Coe, P.Geo., Director and CEO of the Company, and a Qualified Person (QP) as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SITKA GOLD CORP.
“Donald Penner”
President and Director
For more information contact:
Donald Penner
President & Director
778-212-1950
dpenner@sitkagoldcorp.com
or
Cor Coe
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com |
