pcNewsWire – Sage Gold Inc. (TSX-V: SGX) has completed previously announced non-brokered private placement of 8,075,897 flow-through common shares at $0.24 per FT share for gross proceeds of $1,938,216 million.
Proceeds will be used to incur Canadian Exploration Expenses (CEE) on its properties.
News Release
SAGE GOLD CLOSES OVERSOLD NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT
Sage Gold Inc. (“Sage Gold” or the “Corporation”) (TSX.V: SGX) is pleased to announce that further to its press release dated June 13, 2017, it has completed the closing of its non-brokered flow-through private placement (the “Offering”). The Offering consisted of the sale of 8,075,897 flow-through common shares of the Corporation, at $0.24 for gross proceeds of $1,938,216 million.
Securities issued pursuant to the Offering shall be subject to a four-month plus one day hold period commencing on the Closing Date under applicable Canadian securities laws. In connection with the Offering, finder’s fees of $90,944 was paid in cash and 378,934 compensation warrants were issued to certain eligible finders. Each compensation warrant entitles the holder to one common share at an exercise price of $0.30 per share for a period of 36 months following the closing date, whereupon the options will expire. The outstanding shares after this financing are 76,562,680 shares. The Corporation intends to use the net proceeds from the Offering to incur Canadian Exploration Expenses (CEE) on its properties.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the 100% Clavos Gold property (“Clavos Project”) in Timmins and the 100% owned Onaman property including the Lynx copper, gold, silver property and other exploration properties in the Beardmore-Geraldton Gold Camp.
Sage Gold currently plans to complete a reserve estimate and a prefeasibility study regarding the Clavos Project. In the event that a production decision is made that is not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with National Instrument 43-101, readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
Contact Information: Nigel Lees, President and CEO
416-204-3170
nlees@sagegoldinc.com
www.sagegoldinc.com
