(TheNewswire)
Toronto, Ontario - TheNewswire – December 17, 2021 – Phoenix GoldFund Limited (“ Phoenix ”) of KualaLumpur, Malaysia, announces it has acquired an aggregate of 10,000,000common shares at an average price of C$0.05 of South Atlantic Gold Inc(the “ Issuer ”) on December 17, 2021 pursuant to a non-brokered privateplacement (the “ Offering ”). Phoenix acquired the commonshares at a price of C$ 0.05 per share for a total purchase price ofC$ 500,000. The Issuer’s office is located at Landmark 3 #335-1632Dickson Avenue Kelowna, British Columbia V1Y 7T2.
Immediately prior to the acquisition, Phoenix does notown any common shares of the Issuer. As a result of the acquisition,Phoenix now owns 10,000,000 common shares of the Issuer, representingapproximately 10.6% of all issued and outstanding shares of the Issueron an undiluted basis. The holdings above are calculated as ofDecember 17, 2021 assuming no further common shares of the Issuer havebeen issued.
Phoenix acquired the securities for investmentpurposes. Phoenix may, in the future, participate in financings and/oracquire 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 www.sedar.com .
Copyright (c) 2021 TheNewswire - All rights reserved.