Sable Resources Announces Private Placement Financing
TORONTO, ONTARIO–(Marketwired – Aug. 8, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Sable Resources Ltd. (TSX VENTURE:SAE) (“Sable Resources” or the “Company”) has announced today that it has entered into an agreement with Haywood Securities Inc. (“Haywood”), whereby the Company has engaged Haywood as its exclusive agent in connection with a proposed private placement offering (the “Offering”) of up to 20,000,000 units (the “Units”) of the Company, at a price of C$0.15 per Unit (the “Issue Price”), for gross proceeds to the Company of up to C$3,000,000, to be conducted on a best-efforts agency basis. Each Unit will consist of one common share in the capital of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of C$0.25 for a period of 24 months from the closing of the Offering.
The Company has also granted Haywood an option, exercisable at any time, in whole or in part, up to 48 hours prior to the closing of the Offering, to increase the size of the Offering and place up to an additional 15% of the number of Units issuable under the Offering on the same terms and conditions.
The net proceeds received by the Company from the Offering will be used for exploration on the Company’s properties in North America and for working capital and general corporate purposes.
The closing of the Offering is expected to occur on or about September 6, 2017, and is subject to the receipt of any necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory four-month hold period.
In consideration for its services, Haywood will receive a cash commission equal to 6.0% of the gross proceeds of the Offering and broker warrants to purchase a number of common shares equal to 6.0% of the number of Units issued under the Offering at a price per common share equal to the Issue Price for a period of 24 months from the closing of the Offering.
The securities offered have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
About Sable Resources
Sable owns the Toodoggone gold project comprising 66 square kilometres of mineral tenure and mining leases, including the past-producing Baker and Shasta mines, and the 250-ton-per-day Baker mill and tailings facility. The project is located in north-central British Columbia, Canada, and is road accessible.
Cautionary Statement on Forward-Looking Information
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements in this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange (‘TSXV’) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Sable Resources Ltd.
President and Chief Executive Officer