SITKF - Sitka Gold Corp. Announces up to $1.2M Private Placement
(TheNewswire)
VANCOUVER, CANADA – TheNewswire - July 14, 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 $0.11 per FT Unit, for aggregate grossproceeds of up to $1.2M.
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$0.15 per Common Share for a period of 24 months from the date ofissuance.
The securities offered pursuant to the Offering will besubject to a statutory hold period of four months and a day from thedate of issuance. Sitka has engaged Canaccord Genuity Corp. to act asits financial advisor for the Offering. The Company may pay a finder'sfee on a portion of the gross proceeds of the Offering. The Offeringremains subject to regulatory approval and the approval of theCanadian Securities Exchange (“ CSE ”).
The Company intends to use the net proceeds of theOffering for exploration work on its RC Gold Project in Yukon.
About Sitka Gold Corp.
Sitka Gold Corp. is a mineral exploration company headquartered inCanada. The Company is managed by a team of experienced industryprofessionals and is focused on exploring for economically viablemineral deposits with its primary emphasis on gold, silver and coppermineral properties of merit. Sitka currently has an option to acquirea 100% interest in the RC, Barney Ridge, Clear Creek and OGIproperties in the Yukon and the Burro Creek Gold property in Arizona.Sitka owns a 100% interest in its Alpha Gold property in Nevada, itsMahtin Gold property in the Yukon and its Coppermine River project inNunavut.
The Company recently announced an NI 43-101 compliant Initial Mineral Resource Estimate of1,340,000 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 resourceexpansion diamond drilling program is currently underway.
The Company is also planning additional drilling at its Alpha GoldProperty in Nevada where a new Carlin-type gold system was recentlydiscovered. The Company is focused on vectoring towards the high-gradecore of this system, which is located on the Cortez Trend just 40 kmsoutheast of the Cortez Mine Complex of Barrick/Newmont.
(1) Simpson,R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101Technical 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 termsof the Offering, the anticipated use of proceeds of the Offering anddrilling plans. Accordingly, readers should not place undue relianceon the forward-looking statements and information contained in thisnews release. Readers are cautioned that the foregoing list of factorsis 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, use the proceeds of the Offering ascurrently anticipated and carry out its drilling and expansion plansas 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, that the Company will not use the proceeds of the Offeringas currently anticipated and that expansion and drilling does notprogress as 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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