(TheNewswire)
CALGARY, AB – TheNewswire - August 25, 202 3 - San Lorenzo Gold Corp.(" San Lorenzo " orthe " Company ")(TSXV:SLG) (OTC:SNLGF) is pleased to announce plans to complete anon-brokered private placement of up to 8,333,333 units of the Company(" Units ") at a priceof $0.12 per Unit, for aggregate gross proceeds of up to $1,000,000(the " Offering ").There is no minimum Offering. Each Unit will be comprised of one (1)common share of the Company (" Common Share ") and one Common Share purchase warrant(" Warrant "). Eachwhole Warrant entitles the holder thereof to purchase one (1) CommonShare for $0.18 for a period of 18 months from the date of closing ofthe Offering. San Lorenzo may pay a cash commission or finder's feeto qualified non-related parties of up to 8% of the gross proceeds ofthe Offering (up to $80,000) payable in cash together with theissuance of broker warrants representing 8% of the Common Sharesissued in connection with the Offering (" Broker Warrants "). Each BrokerWarrant will entitle the holder thereof to purchase one (1) CommonShare for $0.12 for a period of 18 months following closing of theOffering. The proceeds of the Offering will be used for workingcapital purposes including the costs associated with commencing thenext phase of drilling at Salvadora.
The Offering is being offered to all of the existing shareholders ofthe Company who are permitted to subscribe pursuant to the existingshareholder exemption. The Company set August 24, 2023, as the recorddate for determining existing shareholders entitled to subscribe forUnits pursuant to the existing shareholder exemption and anticipatesthat the Offering may close in tranches with the final closing tooccur on or about September 8, 2023. The existing securityholderexemption limits a shareholder to a maximum investment of $15,000 in a12-month period unless the shareholder has obtained advice regardingthe suitability of the investment and, if the shareholder is residentin a jurisdiction of Canada, that advice has been obtained from aperson that is registered as an investment dealer in the jurisdiction.If the Company receives subscriptions from investors relying on theexisting shareholder exemption exceeding the maximum amount of theOffering, the Company intends to adjust the subscriptions received ona pro-rata basis. Any existing shareholders interested inparticipating in the Offering should contact the Company using thecontact information set forth below. It is expected that certaindirectors and officers of the Company will participate in theOffering.
As the Company is also relying on the exemption for sales topurchasers advised by investment dealers, it confirms that there is nomaterial fact or material change about the Company which has not beengenerally disclosed. In addition to offering the Units pursuant to theexisting shareholder exemption and the Exemption for Sales toPurchasers Advised by Investment Dealers, the Units are also beingoffered pursuant to other available prospectus exemptions, includingsales to accredited investors. Units will be allocated on a firstcome, first served basis.
Completion of the Offering is subject to regulatory approvalincluding, but not limited to, the approval of the TSX VentureExchange. The Common Shares and Warrants issued under the Offeringwill be subject to a four month and a day hold period from the date ofthe closing of the Offering.
For further information on the Company, readers are referred to theCompany's website at www.sanlorenzogold.com andits Canadian regulatory filings on SEDAR at www.sedar.com .
About San Lorenzo Gold Corp.
San Lorenzo Gold is involved in the exploration and advancement ofmineral properties. The Company currently has three 100% ownedproperties in Chile: Salvadora, Nancagua and Punta Alta.
The Salvadora property is subject of a recent drill program (see NRJune 15, 2023 and August 3, 2023) of which the assay results are duein the next few weeks. The property is on trend with the El Salvadormine located 15km to the NW, which has been in production for over 60years. The property currently has 5 zones of interest (with only 3having been drilled to date) and is being explored for large scalecopper-gold porphyry targets and high-grade epithermalgold-silver-copper vein systems.
Nancagua is a high grade mesothermal gold-silver prospect andPunta Alta is an IOCG prospect withrelated disseminated and vein style copper-gold-silver-cobaltmineralization.
For further information, pleasecontact:
Gordon Aldcorn, VP Corporate Development
Email: galdcorn@sanlorenzogold.ca
Ph: 403-618-6507
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.
Not for distribution to UnitedStates newswire services or for release, publication, distribution ordissemination directly, or indirectly, in whole or in part, in or intothe United States
Cautionary Note RegardingForward-Looking Information
This press release may containforward-looking information that involves substantial known andunknown risks and uncertainties, most of which are beyond the controlof San Lorenzo. All statements included herein other than statementsof historical fact, including statements pertaining to the completionof the Offering, receipt of regulatory approvals and the proposed useof proceeds, are forward-looking information. Such forward-lookinginformation involves various risks and uncertainties, including therisk that the TSX Venture Exchange does not approve the privateplacement. There can be no assurance that such information will proveto be accurate, and actual results and future events could differmaterially from those anticipated in such information. Anyforward-looking statements are made as of the date of this releaseand, other than as required by applicable securities laws, San Lorenzodoes not assume any obligation to update or revise them to reflect newevents or circumstances.
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