pcNewsWire – Sable Resources Ltd. (TSX-V: SAE.H) has closed its previously announced non-brokered private placement, issuing 2,500,000 flow-through units at C$0.20 per FT unit for gross proceeds of $500,000.
Gross proceeds will be used by the company to incur Canadian exploration expenses on its properties located in Canada.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
SABLE RESOURCES CLOSES C$500,000 NON-BROKERED PRIVATE PLACEMENT
Vancouver, British Columbia, June 29, 2017 – Sable Resources Ltd. (NEX: SAE.H) – (the “Company” or “Sable”) has closed its previously announced non-brokered private placement, pursuant to which the Company has issued 2,500,000 “flow-through” units (the “Units”) at a price of C$0.20 per Unit, for aggregate gross proceeds of C$500,000 (the “Offering”).
Each Unit consists of one “flow-through” common share of the Company and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to acquire one common share of the Company (which will not be a “flow-through” common share) at an exercise price of C$0.30 until June 29, 2018.
The gross proceeds of the Offering will be used by the Company to incur Canadian exploration expenses (the “Qualifying Expenditures”) on its properties located in Canada. The Company will renounce the Qualifying Expenditures with an effective date of not later than December 31, 2017.
Pursuant to Canadian securities laws, any securities issued in the Offering will be subject to a hold period of four months plus one day from the date of issuance.
Two directors (one of which is also an officer), acquired an aggregate of 125,000 Units. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, the Company notes that it has not filed a material change report 21 days prior to the expected closing date of the Offering. A shorter period was reasonable and necessary in the circumstances as the Company wished to complete the Offering in a timely manner following receipt of required regulatory approval.
About Sable Resources Ltd.
Sable owns the Baker gold project comprising 66 square kilometers 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.
For more information:
Tom Obradovich, President & CEO
Tel (416) 985-7140
Or visit http://www.sableresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.