Sego Resources Closes $100,000 First Tranche of Financing
Sego Resources Closes $100,000 First
Tranche of Financing
Vancouver, British Columbia--(Newsfile Corp. - March 15, 2024) - Sego Resources Inc., (TSXV: SGZ)
("Sego" or "the Company") is pleased to announce that it has received conditional approval from the
TSX Venture Exchange for closing of the first tranche of the financing announced on March 14, 2024.
On
closing, Sego will issue 5,000,000 units at $0.02 per unit for gross proceeds of $100,000.
In addition to closing the first tranche of the financing, Sego is pleased to announce that it recently
received a BC Mineral Exploration Tax Credit refund of $43,299.
Each unit of the financing will consist of one common share and one share purchase warrant.
Each share
purchase warrant will entitle the holder to purchase an additional common share at $0.05 for two years
from the closing date. The securities issued on closing are subject to the applicable statutory four-month
and one-day hold period ending July 16, 2024.
The proceeds will be used for general working capital.
The Company fully expects to spend the funds as
stated, however, there may be circumstances, for sound business reasons, where a reallocation of funds
may be necessary.
Finder's fees will be payable on a portion of the private placement and will consist of 7% cash and 7%
broker warrants.
Each broker warrant will entitle the holder to purchase one common share at $0.05 for
two years from the closing date.
PI Financial Corp. will receive $490 and 24,500 broker warrants and Leede Jones Gable Inc. will receive
$420 and 21,000 broker warrants.
Any warrants exercised prior to July 16, 2024, will be subject to the
hold period.
Insiders of the Company subscribed for 1,720,000 of the 5,000,000 units, with CEO J Paul Stevenson
subscribing for 750,000 units, Strashin Developments Limited, an insider of Sego by virtue of
shareholdings, subscribing for 520,000 units and MBP Management Ltd., a company owned by CFO
Brent Petterson subscribing for 450,000 units.
As a result, the private placement is a related-party transaction (as defined under Multilateral Instrument
61-101 "Protection of Minority Security Holders in Special Transactions"). The Company relied upon
Section 5.5 (a) "Fair Market Value Not More Than $2.5 Million", Section 5.5 (c) "Distribution of
Securities for Cash", and exemptions from the formal valuation and minority shareholder approval
requirements, respectively, under MI 61-101.
There is no material change about the Company that has not been generally disclosed.
For further information please contact:
J. Paul Stevenson
, CEO (604) 682-2933
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. No regulatory authority has approved or disapproved the information contained in this news
release.
This release includes certain statements that may be deemed "forward-looking statements". All
statements in this release, other than statement of historical facts that address future production,
reserve potential, exploration drilling, exploitation activities and events or developments that the
Company expects re forward-looking statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable assumptions, statements are
not guarantees of future performance and actual results or developments may differ materially from
the forward-looking statements. Factors that could cause actual results to differ materially from those
in forward-looking statements include market prices, exploitation and exploration successes,
continued availability of capital and financing, general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future performance and those
actual results or developments may differ materially from those projected in the forward-looking
statements.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/201946