SIG:CC - Sitka Gold Increases Private Placement to $4.25 Million
(TheNewswire)
VANCOUVER, CANADA – TheNewswire - May 26, 2022 -Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG) (CNSX:SIG.CN) (FSE:1RF) (OTC:SITKF) is pleased to announce it is increasing it’s previouslyannounced private placement from up to $3.0 million to up to $4.25million with a lead order of $2 million from funds managed by SprottAsset Management LP. The financing will consist of a combination offlow-through units priced at $0.17 with a half warrant priced at $0.23and non flow-through units priced at $0.14 with a half warrant pricedat $0.23. Each full warrant will entitle the holder to purchase anadditional common share at a price of $0.23 for a period of 24 monthsfrom the date of closing of the private placement.
This privateplacement is being offered on a non -brokered basis and the Units will be subject to a statutoryhold period of four months and a day from the closing date of theOffering. Sitka has engaged Canaccord Genuity Corp. to act as itsfinancial advisor for the offering. The Company may pay a finder's feeon a portion of the gross proceeds of the private placement . The Offeringremains subject to regulatory approval and is anticipated to close onor before June 7 th , 2022.
The Company intends to use the netproceeds of the private placement for exploration work on its Yukongold properties and for general working capital.
About Sitka Gold Corp.
Sitka Gold Corp. is a 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 conducting a planned 10,000 metre diamond drillprogram at its RC Gold Project in the Yukon where the last holedrilled in 2021 (“Hole 21”) resulted in the discovery of a newgold zone (the “Blackjack Zone”) and returned 220.1 metres averaging 1.17 g/tgold from surface including 50.5 metres of 2.08 g/t gold (see news release dated December 13, 2021). Initialfollow-up drill holes completed during this past winter have confirmedthat gold mineralization extends laterally to the west and to thesouth and that it is continuous along vertical section (see newsreleases dated April 26 th , May 17 th and May18 th , 2022). Assays are pending for DDRCCC-22-025, the last drillhole completed during the winter drillingprogram that was collared approximately 80 metres to the east of Hole21, and the Blackjack Zone remains open in all directions.
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
For more information, please contact:
CEO & Director
Tel: 604-979-0509
Cautionary and Forward-LookingStatements
This news release containsforward ? looking statements and forward ? looking information within the meaning of applicable securitieslaws. These statements relate to future events or future performance.All statements other than statements of historical fact may beforward ? looking statements or information.Forward ? looking statements and information areoften, but not always, identified by the use of words such as“appear”, “seek”, “anticipate”, “plan”,“continue”, “estimate”, “approximate”, “expect”,“may”, “will”, “project”, “predict”, “potential”,“targeting”, “intend”, “could”, “might”, “should”,“believe”, “would” and similar expressions.
Forward-looking statements andinformation are provided for the purpose of providing informationabout the current expectations and plans of management of the Companyrelating to the future. Readers are cautioned that reliance on suchstatements and information may not be appropriate for other purposes,such as making investment decisions. Since forward ? looking statements and information address future events andconditions, by their very nature they involve inherent risks anduncertainties. Actual results could differ materially from thosecurrently anticipated due to a number of factors and risks. These include, but arenot limited to, the expected timing and terms of the privateplacement, use of proceeds, anticipated work program, requiredapprovals in connection with the work program and the ability toobtain such approvals. Accordingly, readers should not place unduereliance on the forward ? looking statements,timelines and information contained in this news release. Readers arecautioned that the foregoing list of factors is not exhaustive.
The forward ? looking statements and information contained in this news releaseare made as of the date of this news release and no undertaking isgiven to update publicly or revise any forward ? looking statements or information, whether as a result of newinformation, future events or otherwise, unless so required byapplicable securities laws or the CSE. The forward-looking statementsor information contained in this news release are expressly qualifiedby this cautionary statement.
Neither the CSE nor its RegulationServices Provider (as that term is defined in the policies of the CSE)accepts responsibility for the adequacy or accuracy of this release.No stock exchange, securities commission or other regulatory authorityhas approved or disapproved the information contained herein.
Copyright (c) 2022 TheNewswire - All rights reserved.