Sage Potash Closes Private Placement
Sage Potash Closes Private Placement
VANCOUVER, BC
,
Aug. 3, 2023
/CNW/ -
SAGE POTASH CORP.
(TSXV: SAGE) (OTCQB:
SGPTF) ("Sage" or the "Company") has closed its non-brokered private placement (the "Offering")
of 4,694,505 units (each an "Unit") for gross proceeds of
$1,502,241.60
. Each Unit consists of one
common share in the capital of the Company (each a "Share") and half of a common share purchase
warrant (each a "Warrant"). Each whole Warrant entitles the holder to buy one Share for
$0.50
during the two years following the warrant's issuance date.
The Company has paid finder's fees in aggregate of
$94,179.20
cash and 294,310 warrants (each a
"Broker Warrant"). Each Broker Warrant entitles the holder to buy one Share for
$0.32
during the
two years following the warrant's issuance date.
The proceeds of the private placement will be used to fund the exploration of Company's mineral
properties and for general working capital. All securities issued under the private placement,
including Broker Warrants, will have a four-month hold.
An Insider of the Company has purchased 50,000 Units, and such subscription is considered a
"related party transaction" within the meaning of Multilateral Instrument 61-101 -
Protection of
Minority Security Holders in Special Transactions
("MI 61-101"). The issuance to the Insider is
exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section
5.5(b), as the Company's shares are not listed on a specified market, and from the minority
shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section
5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the
related party did not exceed 25% of the Company's market capitalization. The Company did not file
a material change report more than 21 days before the expected closing of the Offering as the
participation of related party was not settled until shortly before closing.
About Sage Potash Corp.
Sage Potash
is a Canadian company vested solely in the Sage Plain Property and intends through
sustainable solution mining techniques to become a prominent domestic potash producer within the
Paradox Basin situated in
Utah
. For further information, please refer to the Company's disclosure
record on SEDAR (
www.sedar.com
) or contact the Company by email at
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release. This news release may contain "forward-looking statements", which are statements
about the future based on current expectations or beliefs. For this purpose, statements of historical
fact may be deemed to be forward-looking statements. Forward–looking statements by their nature
involve risks and uncertainties, and there can be no assurance that such statements will prove to be
accurate or true. Investors should not place undue reliance on forward-looking statements. The
Company does not undertake any obligation to update forward-looking statements except as
required by law.
SOURCE
Sage Potash Corp.
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For further information:
Peter Hogendoorn, CEO, (236) 836-4182, [email protected]
CO: Sage Potash Corp.
CNW 08:30e 03-AUG-23