Sitka Gold (SIG-Cse) Closes Oversubscribed $2.1 Million Private Placement
November 22nd 2023 - NR
has closed its previously announced non-brokered private placement for total gross proceeds of $2,105,059.86 through the issuance of 11,694,777 flow-through units at a price of 18 cents per flow-through unit.
Each FT Unit is comprised of one flow-through common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a " Warrant "). Each Warrant entitles the holder to purchase an additional common share in the capital of the Company (a " Common Share ") at a price of $0.36 for a period of 24 months from the date of issuance.
The Offering, as announced in the Company's news release dated November 13, 2023 ("Sitka Gold Announces up to $1.25M Private Placement") was oversubscribed due to strong investor demand. 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.
In connection with the Offering, the Company issued 692,687 finder's warrants (the " Finder's Warrants ") and paid commissions of $124,683.59 to certain finders. Each Finder's Warrant entitles the holder to purchase an additional Common Share at a price of $0.18 for a period of 24 months from the date of issuance.
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.
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 |
