Signature Resources Receives Exploration Permit and Upsizes Equity Financing
TS
XV-SGU OTCQB-SGGTF FSE-3S30
401 BAY STREET, SUITE 2704, TORONTO, ONTARIO M5H 2Y4
www.signatureresources.ca
Signature Resources Receives Exploration Permit and
Upsizes Equity Financing
Toronto, Ontario, May 23, 2024, Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF,
FSE: 3S30) ("Signature" or the "Company") is pleased to announce that the Company has
received its exploration permit, number PR-21-000218, for the Lingman Lake project. The
permit covers 197 claims surrounding the patented claims. The permit is in effect for three
years, allowing the Company to complete its 2024 planned drilling campaign as well as
expanded drilling operations in the coming years once the Company has reviewed the results of
the 2024 programs.
T
he team is currently completing its 2024 field program that was focused on: 1) mapping
historical activity at the site, 2) structural mapping and 3) locating proposed drill locations and
reviewing any structural outcroppings that might better locate and design the proposed drill
holes. This program is progressing very well and once completed in early June, the team will
review its findings and any impact it might have on the design of the 2024 drill program. The
Company is excited to launch this drill program that has been designed to most efficiently use
TSXV-SGU OTCQB-SGGTF FSE-3S30
401 BAY STREET, SUITE 2704, TORONTO, ONTARIO M5H 2Y4
www.signatureresources.ca
our exploration funds to enrich our understanding and knowledge of the Lingman Lake Project
and enable us to reach our goal of publishing a maiden NI 43-101 in the spring of 2025.
Equity Financing Update
On May 2, 2024 the Company announced that it was launching a non-brokered private
placement of flow-through shares (“FT Shares”) and non-flow-through shares (“NFT Shares”) for
gross proceeds of up to C$1,000,000 (the “Offering”). Over half of the Offering was expected to
be subscribed for by members of the Company’s board of directors and management. At the
time of the announcement, the Company announced it was offering each FT share at C$0.05
per share and each NFT share was being priced at $0.045. Based on market demand and in
consultation with regulators Signature is revising the price of each NFT to $0.05 to reflect the
current market conditions. In addition, the previously announced C$1,000,000 offering is being
upsized to C$2,100,000 to reflect the strong demand for Signature’s shares. Based upon this
increased offering size, it is anticipated that management and members of the Company’s board
will be subscribing to approximately one third of the offering. All securities issued pursuant to
this proposed private placement will be subject to final Exchange approval, and all securities
issued pursuant to the Offering will have a hold period of four months and one day.
The net proceeds from the Offering will be used for the 2024 drilling program and general
working capital purposes. It is expected that ten percent of the proceeds will be used for general
working capital purposes with the remainder spent on the drilling program. The Company will
use the gross proceeds received by the Company from the sale of the FT Shares, pursuant to
the provisions in the Income Tax Act (Canada), to incur eligible "Canadian exploration
expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the
Income Tax Act (Canada) (the "Qualifying Expenditures") on or before December 31, 2025, and
to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares and
effective December 31, 2024. None of the proceeds will be used for payments to non-arm’s
length parties or for investor relations service providers.
Qualified Person
The scientific and technical content of this press release has been, reviewed and approved by
Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI 43-101 regulations.
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 2 4,761
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/).
TSXV-SGU OTCQB-SGGTF FSE-3S30
401 BAY STREET, SUITE 2704, TORONTO, ONTARIO M5H 2Y4
www.signatureresources.ca
To find out more about Signature, visit our website at www.signatureresources.ca, or contact:
Dan Denbow
Interim CEO
416-840-6345
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 t he 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 minera l 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.