- Signature Resources (SGU) has closed its oversubscribed private placement led by Commodity Discovery Fund, Sprott Asset Management and Crescat Capital
- The company issued units for gross proceeds of C$3,906,492
- The company will use the proceeds to expand exploration efforts on its Lingman Lake Gold Project
- Signature Resources focuses on the acquisition and exploration of gold properties in Canada
- Signature Resources (SGU) is up by 3.45 per cent and is currently trading at $0.15 per share
Signature Resources (SGU) has closed its oversubscribed private placement led by Commodity Discovery Fund, Sprott Asset Management and Crescat Capital.
The company issued 13,107,312 non-flow-through units and 10,965,591 flow-through units for gross proceeds of C$3,906,492.
Each FT unit, issued at $0.165 per unit, consists of one Signature common share and one-half of one non-flow-through common share purchase warrant exercisable at $0.25 per warrant.
NFT units, issued at $0.16 per unit, consist of one common share and one-half of one common share purchase warrant exercisable at $0.22 per warrant.
Both the FT warrants and the NFT warrants expire two years following the closing date of the offering.
Signature will use the proceeds to expand exploration efforts on its Lingman Lake Gold Project.
Robert Vallis, Signature’s President, CEO and Director, commented,
“We are incredibly happy to welcome CDF as a new investor, as well as the continued support from our current investors. With the additional funds raised, Signature is fully funded for the completion of the ongoing support camp expansion and its planned 10,000-meter drill program expected to commence late Q3/21. Two company-owned diamond drill rigs will be used for the expanded fall program. In addition, the ground IP team is in the process of completing the 3D IP program from which the data will be used to enhance the fall program’s drill targeting.
Regional airborne LIDAR and geophysics in conjunction with ground prospecting are scheduled to commence in July and continue over the summer and fall to establish other regional prospective drill targets on the company’s 100-per-cent owned land. Nordmin Engineering continues to work with the company to convert historical data into modern standards in preparation for a maiden NI 43-101 resource by late 2022.”
Signature Resources focuses on the acquisition and exploration of gold properties in Canada.
Signature Resources (SGU) is up by 3.45 per cent and is currently trading at $0.15 per share as of 10:31 am ET.