SIG:CC - Sitka Gold Corp. Announces Increase of Previously Announced Private Placement to $3.25 Million
(TheNewswire)
VANCOUVER, CANADA – TheNewswire - December 19, 2022: Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF)(OTCQB:SITKF) is pleased to announce that, due to stronginvestor demand, the Company has increased the size of the previouslyannounced non-brokered private placement of flow-through units(“ FT Units ”) at a price of$0.15 per FT Unit, and non-flow-through units (“ NFT Units ”) at a price of $0.13per NFT Unit, for aggregate gross proceeds of up to $3.25 million (the“ Offering ”). The Companyexpects closing of the Offering to occur on or about December 22,2022.
Each FT Unit will consist of one flow-through common share (a “ FT Share ”) and one-half of onecommon share purchase warrant (each whole warrant, a “ Warrant ”). Each Warrant willentitle the holder thereof to purchase one additional non-flow-throughcommon share (an “ NFTShare ”) at a price of $0.22 per NFT Share for a period of 24months from the date of issuance. Each NFT Unit consists of one NFTShare and one-half of one Warrant. Each Warrant will entitle theholder thereof to purchase one additional NFT Share at a price of$0.22 per NFT 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 ”).
Certain directors and officers of the Company areexpected to acquire securities under the Offering. Such participationwould be considered to be a “related party transaction” as definedunder Multilateral Instrument 61-101 (“ MI 61-101 ”). TheCompany expects the Offering to be exempt from the formal valuationand minority shareholder approval requirements of MI 61-101.
The Company intends to use the net proceeds of theOffering for exploration work on its Yukon gold properties and forgeneral working capital.
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.
Sitka is currently awaiting additional assay results from its recentlycompleted Phase II summer diamond drill program at itsRC Gold Project in the Yukon. The Company is also awaiting resultsfrom a recently completed drill program at its Alpha Gold Property inNevada where a new Carlin-type gold system was recently discovered andwhere the Company is focused on vectoring towards the high-grade coreof this system.
The scientific and technical content of this newsrelease has been reviewed and approved by Cor Coe, P.Geo., Directorand CEO of the Company, and a Qualified Person (QP) as defined byNational Instrument 43-101.
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 the CanadianSecurities Exchange nor its Regulation Services Provider (as that termis defined in the policies of the Canadian Securities Exchange)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, the closing of theOffering and the anticipated use of proceeds of the Offering.Accordingly, readers should not place undue reliance on theforward-looking statements and information contained in this newsrelease. Readers are cautioned that the foregoing list of factors isnot 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 use the proceeds of the Offering ascurrently 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 close the Offering or use theproceeds of the Offering 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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