SIG:CC - Sitka Gold Announces up to $1.25M Private Placement
(TheNewswire)
VANCOUVER, CANADA – TheNewswire - November 13, 2023 - Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF)(OTC:SITKF) is pleased to announce a non-brokered privateplacement (the “ Offering ”)of flow-through units (“ FTUnits ”) at a price of $0.18 per FT Unit, for aggregate grossproceeds of up to $1,250,000.
Each FT Unit will consist of one flow-through common share in capitalof the corporation and one-half of one common share purchase warrant(each whole warrant, a “ Warrant ”). Each Warrant will entitle the holder thereof topurchase 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 ofissuance.
The securities offered pursuant to Offering will besubject to a statutory hold period of four months and a day from thedate of issuance. The Company may pay a finder’s fee on a portion ofthe gross proceeds of the Offering. The Offering remains subject toregulatory approval and the approval of the Canadian SecuritiesExchange (“ CSE ”).
The Company intends to use the net proceeds of theOffering for exploration and related programs on the Company’s Yukongold 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 subsection127(9) of the Tax Act that will qualify as “flow-through miningexpenditures”, which will be incurred on or before December 31, 2024and 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 companyheadquartered in Canada. The Company is managed by a team ofexperienced industry professionals and is focused on exploring foreconomically viable mineral deposits with its primary emphasis ongold, silver and copper mineral properties of merit. Sitka currentlyhas an option to acquire a 100% interest in the RC, Barney Ridge,Clear Creek and OGI properties in the Yukon and the Burro Creek Goldproperty in Arizona. Sitka owns a 100% interest in its Alpha Goldproperty in Nevada, its Mahtin Gold property in the Yukon and itsCoppermine River project in Nunavut.
The Company recently announced an NI 43-101 compliant initial inferred Mineral Resource Estimateof 1,340,000 ounces of gold (1) beginning at surface and grading 0.68 g/t at its RC GoldProject in Yukon (see news release dated January 19, 2023). A total ofapproximately 6500 metres of additional diamond drilling within 16drill holes has been completed at RC Gold since the announcement ofthe Mineral Resource Estimate with results still pending for 2 drillholes that were completed in mid-September of this year.
The Company is also currently drilling at its AlphaGold Property in Nevada (see news release dated November 8, 2023).Having recently discovered a new Carlin-type gold system at Alpha, theCompany is now focused on vectoring towards the high-grade core ofthis system, which is located on the Cortez Trend just 40 km southeastof the Cortez Mine Complex of Barrick/Newmont.
(1) 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 beenreviewed and approved by Cor Coe, P.Geo., Director and CEO of theCompany, and a Qualified Person (QP) as defined by National Instrument43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SITKA GOLD CORP.
“ DonaldPenner ”
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
Cautionary and Forward-LookingStatements
Neither theCanadian Securities Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the Canadian SecuritiesExchange) accepts responsibility for the adequacy or accuracy of thisrelease.
This release includes certainstatements and information that may constitute forward-lookinginformation within the meaning of applicable Canadian securities laws.Forward-looking statements relate to future events or futureperformance and reflect the expectations or beliefs of management ofthe Company regarding future events. Generally, forward-lookingstatements and information can be identified by the use offorward-looking terminology such as “intends” or“anticipates”, or variations of such words and phrases or statements that certainactions, events or results “may”, “could”, “should”,“would” or “occur”. This information and these statements,referred to herein as "forward ? looking statements", are not historical facts, are made as ofthe date of this news release and include without limitation,statements regarding: the terms of the Offering and the anticipateduse of proceeds of the Offering. Accordingly, readers should not placeundue reliance on the forward-looking statements and informationcontained in this news release. Readers are cautioned that theforegoing list of factors is not exhaustive.
In making the forward-lookingstatements in this news release, the Company has applied certainmaterial assumptions, including without limitation, that: the Companywill complete the Offering and the Company will use the proceeds ofthe Offering as currently anticipated.
These forward ? looking statements involve numerous risks and uncertainties andactual results might differ materially from results suggested in anyforward-looking statements. These risks and uncertainties include,among other things, that: the Company will not receive the requiredregulatory approvals or approval from the CSE in connection with theOffering and that the Company will not use the proceeds of theOffering as currently anticipated.
Although management of the Companyhas attempted to identify important factors that could cause actualresults to differ materially from those contained in forward-lookingstatements or forward-looking information, there may be other factorsthat cause results not to be as anticipated, estimated or intended.There can be no assurance that such statements will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on forward-looking statements andforward-looking information. Readers are cautioned that reliance onsuch information may not be appropriate for other purposes. TheCompany does not undertake to update any forward-looking statement,forward-looking information or financial out-look that areincorporated by reference herein, except in accordance with applicablesecurities laws. We seek safe harbor.
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