(TheNewswire)
CALGARY, ALBERTA – TheNewswire- March 31, 2022 – San Lorenzo GoldCorp. (" San Lorenzo " orthe " Corporation ") ( TSXV:SLG), ( OTC:SNLGF ) is pleased to announcethat it has completed a second tranche closing (the " Second Tranche Closing ") of its recently announced private placement (see SanLorenzo press release dated March 10, 2022) of units of theCorporation (" Units ") at a price of $0.10 per Unit, anddue to strong investor demand, it has increased the maximum size ofthe private placement from 10,000,000 Units for aggregate grossproceeds of $1,000,000 to 15,000,000 Units for gross proceeds of$1,500,000 (the " Offering "). Each Unit is comprised of one(1) common share of the Corporation (“ Common Share ”) andone (1) Common Share purchase warrant (“ Warrant ”). EachWarrant is exercisable at $0.20 per Common Share for a period of 12months from the date of issuance.
The Second Tranche Closing yielded gross proceeds of$720,000 which involved the issuance of 7,200,000 Units comprised of7,200,000 Common Shares and 7,200,000 Warrants. Finder’s fees inthe aggregate amount of $49,000 and 504,000 broker warrants(" BrokerWarrants ") were paid and issued in respectof the Second Tranche Closing. Each Broker Warrant entitles the holderto acquire one Common Share at a price of $0.10 per Broker Warrant fora period of 12 months from the date of issuance.
Proceeds from the Second Tranche Closing will be usedfor working capital purposes including the costs for the drillingprogram at the Corporation’s Salvadora property and to pay theexpenses associated with the Offering. Unless the Corporationdetermines to further increase the gross proceeds of the Offering, ifadditional subscriptions received for the Offering based on allavailable exemptions exceed the remaining Offering amount of $380,000,Units will be allocated on a first come, first served basis.
The Second Tranche Closing remains subject to finalacceptance from the TSX Venture Exchange Inc. (the " TSXV "). The TSXVhas conditionally accepted the Offering, requiring the Corporation toclose all tranches under the Offering and to satisfy the TSXV's finalacceptance requirements by no later than April 25, 2022. Thesecurities issued are subject to a four month hold period from thedate of the Second Tranche Closing.
For further information on the Corporation, readers arereferred to the Corporation’s website at www.sanlorenzogold.com and its Canadian regulatory filings on SEDAR at www.sedar.com .
About San Lorenzo Gold Corp.
San Lorenzo Gold is in the business of exploring forand advancing mineral properties. The Corporation currently hasthree 100% owned properties in Chile: Salvadora, Nancagua and PuntaAlta. The Salvadora property is being explored for large scalecopper-gold porphyry targets and high grade epithermalgold-silver-copper vein systems, Nancagua is a high grade mesothermalgold-silver prospect and Punta Alta is a copper – gold porphyryprospect with related disseminated and vein stylecopper-gold-silver-cobalt mineralization.
For further information, please contact:
Al Kroontje, Chairman Ken Booth, President
Email: al@kasten.ca Email: kbooth@sanlorenzogold.com
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
Forward-Looking Information
This news release may containcertain forward-looking information and forward-looking statementswithin the meaning of applicable securities legislation (collectively"forward-looking statements"). Generally, forward-lookingstatements can be identified by the use of forward-looking terminologysuch as "expected", "will","anticipated", "aims to", "plans to" or"intends to" or variations of such words and phrases orstatements that certain actions, events or results "will" occur. Inparticular, this news release contains forward-looking statementsrelating to, among other things: the use of proceeds from theOffering; and the Corporation's ability to obtain necessary approvalsfrom the TSX Venture Exchange. Such forward-looking statements arebased on various assumptions and factors that may prove to beincorrect, including, but not limited to, factors and assumptions withrespect to: the general stability of the economic and politicalenvironment in which the Corporation operates; the timely receipt ofrequired regulatory approvals; the ability of the Corporation toobtain future financing on acceptable terms; currency, exchange andinterest rates; operating costs; the success the Corporation will havein exploring its prospects and the results from such prospects. Youare cautioned that the foregoing list of material factors andassumptions is not exhaustive. Although the Corporation believes thatthe assumptions and factors on which such forward-looking statementsare based are reasonable, undue reliance should not be placed on theforward-looking statements because the Corporation can give noassurance that they will prove to be correct or that any of the eventsanticipated by such forward-looking statements will transpire oroccur, or if any of them do so, what benefits the Corporation willderive there from. Actual results could differ materially from thosecurrently anticipated due to a number of factors and risks including,but not limited to: fluctuations in market conditions, includingsecurities markets; economic factors; the risk that the Offering willnot be completed as anticipated or at all, including the risk that theCorporation will not receive the approvals necessary in connectionwith the Offering; and the impact of general economic conditions andthe COVID-19 pandemic. The Corporation does not undertake to updateany forward-looking statements herein, except as required byapplicable securities laws. All forward-looking statements containedin this news release are expressly qualified by this cautionarystatement
Copyright (c) 2022 TheNewswire - All rights reserved.