SIG - Sitka Gold Corp. Closes Oversubscribed $2.1 Million Private Placement
(TheNewswire)
Vancouver, Canada - TheNewswire - November 22, 2023 - Sitka Gold Corp. (“Sitka” or the “Company”)(CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased to announce that the Company has closed its previously announcednon-brokered private placement for total gross proceeds of $2,105,059.86 (the “ Offering ”) throughthe issuance of 11,694,777 flow-through units (the “ FT Units ”) at aprice of $0.18 per FT Unit.
Each FT Unit is comprised of one flow-through commonshare in the capital of the Company and one-half of one common sharepurchase warrant (each whole warrant, a “ Warrant ”). EachWarrant entitles the holder to purchase an additional common share inthe capital of the Company (a " Common Share ")at a price of $0.36 for a period of 24 months from the date ofissuance.
The Offering, as announce d in the Company’snews release dated November 13, 2023 (“Sitka Gold Announces up to $1.25M Private Placement” )wa s oversubscribed due to strong investor demand. TheCompany intends to use the net proceeds of the Offering forexploration and related programs on the Company’s Yukon goldproperties which qualify as “Canadian Exploration Expenses” assuch term is defined in paragraph (f) of the definition of “Canadianexploration 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.
In connection with theOffering, the Company issued 692,687 finder’s warrants (the“ Finder’sWarrants ”) and paid commissions of $124,683.59to certain finders. Each Finder’s Warrant entitles the holder topurchase an additional Common Share at a price of $0.18 for a periodof 24 months from the date of issuance.
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.
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(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 the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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 of forward-lookingterminology such as “intends” or “anticipates”, or variations of such words and phrasesor statements that certain actions, events or results “may”,“could”, “should”, “would” or “occur”. Thisinformation and these statements, referred to herein as"forward ? looking statements", are nothistorical facts, are made as of the date of this news release andinclude without limitation, statements regarding discussions of futureplans, estimates and forecasts and statements as to management'sexpectations and intentions with respect to, among other things, theuse of the proceeds raised under the Offering and the Company’santicipated work programs.
In making the forward-lookingstatements in this news release, the Company has applied severalmaterial assumptions, including without limitation, that the Companywill complete its anticipated work programs and 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, market uncertainty, the results of the Company’santicipated work programs and that the Company will not 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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