Signature Resources Announces Closing of Upsized Equity Financing
Signature Resources Announces Closing of
Upsized Equity Financing
Toronto, Ontario--(Newsfile Corp. - March 28, 2025) - Signature Resources Ltd. (TSXV: SGU) (OTCQB:
SGGTF) (FSE: 3S30) ("Signature" or the "Company) is pleased to announce that it has closed it's
previously offering and is issuing 5,400,000 flow-through shares ("FT Shares") and 24,028,000 non-flow-
through units ("NFT Units") each priced at $0.05 for gross proceeds of to C$1,471,400.
On February 24, 2025, the Company announced a non-brokered private placement for gross proceeds
of C$1,000,000 (the "Offering") of FT Shares and non-flow-through shares ("NFT Shares") each priced
at C$0.05.
The Company announced March 11, 2025 it had amended the Offering with FT Shares still
offered at $0.05 and we would offer non-flow-through units ("NFT Units") at $0.05.
Each NFT unit is
comprised of one share of common stock of the Company ("Common Share") and one half of one
Common Share purchase warrant ("Warrant").
Each whole Warrant will be exercisable for one additional
Common Share ("Warrant Share") at a price of $0.08 per Warrant Share for a period of 12 months
following the date of issuance.
On March 24, 2025, the Company announced the previously announced
Offering had been upsized to C$1,400,000.
"We are very pleased to announce the closing of this financing that allows us to
continue moving forward to completing our goal of publishing our initial NI 43-101
resource on the Lingman Lake project which we believe will be very beneficial to
investors understanding the true potential of the deposit that has only been drilled to a
depth of 200 meteres and is open laterally.
We had a very successful drill program in
2024 that we believe will be even more evident when we can provide more details in our
forthcoming resource report."
-
J. Dan Denbow, CFA - President, CEO and Director
As previously announced it was expected that insiders of the Company would subscribe to at least half
the offering.
As part of the Offering insiders of the Company purchased or acquired direction and control
over 55% of the Offering by acquiring 3,800,000 FT Shares and 12,000,000 NFT Shares, constituting a
"related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral
Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101").
The net proceeds from the Offering will be used for completing the maiden NI 43-101, final
expenses for
the 2024 drilling program, exploration camp maintenance and upgrades, and general working capital
purposes.
It is expected that twenty percent of the proceeds will be used for completing the resource
model, twenty seven percent for the remaining drilling program expenses, twenty eight percent for
equipment and exploration camp expenses and twenty five percent for general working capital purposes
including accrued invoices to a non-arm's length party.
None of the proceeds will be used for investor
relations service providers.
The Offering is subject to the acceptance of the TSX Venture Exchange. All securities issued pursuant to
the Offering will be subject to a statutory hold period of four months and one day from the date of
issuance, in accordance with applicable securities laws.
Finders fees totalling $2,540 will be paid as
part of the offering.
About Signature
The Lingman Lake gold property (the "Property") consists of 1,300 staked claims, four freehold fully
patented claims and 14 mineral rights patented claims totaling approximately 24,761 hectares. The
Property includes what has historically been referred to as the Lingman Lake Gold Mine, an underground
substructure consisting of a 126.5-metre shaft, and 3-levels at 46-metres, 84-metres and 122-metres
depths. There has been over 28,000 metres of historical drilling done on the Property and four 500
pound bulk samples that averaged 19 grams per tonne of gold. In November of 2023, the Ontario
government energized a new 115kV high tension transmission line within 40 km of the historic Lingman
Lake Mine (
https://www.wataypower.ca/
).
To find out more about Signature, visit our website at
www.signatureresources.ca
, or contact:
Dan Denbow
Chief Executive Officer
210-912-4356
or contact :
Renmark Financial Communications Inc.
John Boidman:
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
Cautionary Notes
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 news release.
This news release contains forward-looking statements which are not statements of historical fact.
Forward-looking statements include estimates and statements that describe the Company's future
plans, objectives or goals, including words to the effect that the Company or management expects a
stated condition or result to occur. Forward-looking statements may be identified by such terms as
"believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since
forward-looking statements are based on assumptions and address future events and conditions, by
their very nature they involve inherent risks and uncertainties. Although these statements are based
on information currently available to the Company, the Company provides no assurance that actual
results will meet management's expectations. Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is not limited to, the Company's
objectives, goals or future plans, statements, exploration results, potential mineralization, the
estimation of mineral resources, exploration and mine development plans, timing of the
commencement of operations and estimates of market conditions and risks associated with infectious
diseases, including COVID-19. Factors that could cause actual results to differ materially from such
forward-looking information include, but are not limited to changes in general economic and financial
market conditions, failure to identify mineral resources, failure to convert estimated mineral resources
to reserves, the inability to complete a feasibility study which recommends a production decision, the
preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political risks, inability to fulfill the duty to
accommodate First Nations and other indigenous peoples, uncertainties relating to the availability
and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange
rates, fluctuations in commodity prices, delays in the development of projects, capital and operating
costs varying significantly from estimates and the other risks involved in the mineral exploration and
development industry, and those risks set out in the Company's public documents filed on SEDAR.
Although the Company believes that the assumptions and factors used in preparing the forward-
looking information in this news release are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/246576