(TheNewswire)
Kelowna, BC - TheNewswire - August 2, 2023 - Phoenix Gold Fund Limited (“ Phoenix ”) of Kuala Lumpur, Malaysia,announces that as a result of the increase in the issued andoutstanding shares of South Atlantic Gold Inc (the “ Issuer ”) due to theclosing of a non-brokered private placement event by the Issuer,Phoenix no longer holds over 10% of the issued and outstanding sharesof the Issuer.
Prior to the event, Phoenix owned 10,000,000 commonshares of the Issuer, representing approximately 10.06% of the issuedand outstanding shares of the Issuer on an undiluted basis.
As a result of the event, Phoenix continues to own10,000,000 common shares of the Issuer, representing approximately9.26% of the issued and outstanding shares of the Issuer on anundiluted basis assuming no further common shares of the Issuer havebeen issued.
Phoenix continues to hold the securities for investmentpurposes only. Phoenix may, in the future, participate in financingsand/or acquire or dispose of securities of the Issuer in the market,privately or otherwise, subject to a number of factors, includinggeneral market conditions and other available investment and businessopportunities.
The disclosure respecting Phoenix’s shareholdingscontained in this press release is made pursuant to the NationalInstrument 62-103 and/or the National Instrument 62-104 and a reportrespecting the above acquisition will be filed with the applicablesecurities commissions using the Canadian System for ElectronicDocument Analysis and Retrieval (SEDAR+) and will be available forviewing at https://www.sedarplus.ca/landingpage/ .
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