Oversubscribed $1.52 Million Private Placement
NEWS
RELEASE
July
25,
2023
NR
23-19
www.sitkagoldcorp.com
Sitka
Gold
Corp.
Closes
Oversubscribed
$1.52
Million
Private
Placement
VANCOUVER,
CANADA
–
July
25,
2023:
Sitka
Gold
Corp.
(“Sitka”
or
the
“Company”)
(CSE:SIG)
(FSE:1RF)
(OTCQB:SITKF)
is
pleased
to
announce
that
the
Company
has
closed
its
previously
announced
non-brokered
private
placement
for
total
gross
proceeds
of
$1,520,090.77
(the
“
Offering
”)
through
the
issuance
of
13,819,007
flow-through
units
(the
“
FT
Units
”)
at
a
price
of
$0.11
per
FT
Unit.
Each
FT
Unit
is
comprised
of
one
flow-through
common
share
in
the
capital
of
the
Company
and
one-half
of
one
common
share
purchase
warrant
(each
whole
warrant,
a
“
Warrant
”).
Each
Warrant
entitles
the
holder
to
purchase
an
additional
common
share
in
the
capital
of
the
Company
(a
"
Common
Share
")
at
a
price
of
$0.15
for
a
period
of
24
months
from
the
date
of
issuance.
The
Offering,
as
announce
d
in
the
Company’s
news
release
dated
July
14,
2023
(“Sitka
Gold
Corp.
Announces
up
to
$1.2M
Private
Placement”
)
wa
s
oversubscribed.
The
Company
intends
to
use
the
net
proceeds
of
the
Offering
for
exploration
work
on
its
RC
Gold
Project
in
Yukon.
Canaccord
Genuity
Corp.
acted
as
financial
advisor
to
the
Company
in
connection
with
the
Offering.
In
consideration
for
such
services,
the
Company
agreed
to
issue
to
Canaccord
Genuity
Corp.
an
aggregate
of
166,600
Shares
(the
“
Advisory
Shares
”)
at
an
issue
price
of
$0.15
per
Advisory
Share.
Certain
directors,
officers
and
insiders
of
the
Company
purchased
an
aggregate
of
1,981,000
FT
Units
under
the
Offering,
constituting,
to
that
extent,
a
“related
party
transaction”
as
defined
under
Multilateral
Instrument
61-101
(“
MI
61-101
”).
The
Company
has
relied
on
the
exemptions
from
the
formal
valuation
and
minority
shareholder
approval
requirements
of
MI
61-101,
as
neither
the
fair
market
value
of
the
securities
distributed
in
the
Offering
nor
the
consideration
received
for
those
securities,
in
so
far
as
the
Offering
involves
the
directors
and
officers,
exceeds
25%
of
the
Company’s
market
capitalization.
In
connection
with
the
Offering,
the
Company
issued
342,223
finder’s
warrants
(the
“
Finder’s
Warrants
”)
and
paid
commissions
of
$40,614.60
to
certain
finders.
Each
Finder’s
Warrant
is
subject
to
the
same
terms
and
conditions
as
the
Warrants.
About
Sitka
Gold
Corp.
Sitka
Gold
Corp.
is
a
well-funded
mineral
exploration
company
headquartered
in
Canada.
The
Company
is
managed
by
a
team
of
experienced
industry
professionals
and
is
focused
on
exploring
for
economically
viable
mineral
deposits
with
its
primary
emphasis
on
gold,
silver
and
copper
mineral
properties
of
merit.
Sitka
currently
has
an
option
to
acquire
a
100%
interest
in
the
RC,
Barney
Ridge,
Clear
Creek
and
OGI
properties
in
the
Yukon
and
the
Burro
Creek
Gold
property
in
Arizona.
Sitka
owns
a
100%
interest
in
its
Alpha
Gold
property
in
Nevada,
its
Mahtin
Gold
property
in
the
Yukon
and
its
Coppermine
River
project
in
Nunavut.
The
Company
recently
announced
an
NI
43-101
compliant
initial
inferred
Mineral
Resource
Estimate
of
1,340,000
ounces
of
gold
(1)
beginning
at
surface
and
grading
0.68
g/t
at
its
RC
Gold
Project
in
Yukon
(see
news
release
dated
January
19,
2023).
A
resource
expansion
diamond
drilling
program
is
currently
underway.
The
Company
is
also
planning
additional
drilling
at
its
Alpha
Gold
Property
in
Nevada
where
a
new
Carlin-type
gold
system
was
recently
discovered.
The
Company
is
focused
on
vectoring
towards
the
high-grade
core
of
this
system,
which
is
located
on
the
Cortez
Trend
just
40
km
southeast
of
the
Cortez
Mine
Complex
of
Barrick/Newmont.
(1)
Simpson,
R.
January
19,
2023.
Clear
Creek
Property,
RC
Gold
Project,
NI
43-101
Technical
Report,
Dawson
Mining
District,
Yukon
Territory.
The
scientific
and
technical
content
of
this
news
release
has
been
reviewed
and
approved
by
Cor
Coe,
P.Geo.,
Director
and
CEO
of
the
Company,
and
a
Qualified
Person
(QP)
as
defined
by
National
Instrument
43-101.
ON
BEHALF
OF
THE
BOARD
OF
DIRECTORS
OF
SITKA
GOLD
CORP.
“
Donald
Penner
”
President
and
Director
For
more
information
contact:
Donald
Penner
President
&
Director
778-212-1950
or
Cor
Coe
CEO
&
Director
604-817-4753
Cautionary
and
Forward-Looking
Statements
Neither
the
Canadian
Securities
Exchange
nor
its
Regulation
Services
Provider
(as
that
term
is
defined
in
the
policies
of
the
Canadian
Securities
Exchange)
accepts
responsibility
for
the
adequacy
or
accuracy
of
this
release.
This
release
includes
certain
statements
and
information
that
may
constitute
forward-looking
information
within
the
meaning
of
applicable
Canadian
securities
laws.
Forward-looking
statements
relate
to
future
events
or
future
performance
and
reflect
the
expectations
or
beliefs
of
management
of
the
Company
regarding
future
events.
Generally,
forward-looking
statements
and
information
can
be
identified
by
the
use
of
forward-looking
terminology
such
as
“intends”
or
“anticipates”,
or
variations
of
such
words
and
phrases
or
statements
that
certain
actions,
events
or
results
“may”,
“could”,
“should”,
“would”
or
“occur”.
This
information
and
these
statements,
referred
to
herein
as
"forward-
looking
statements",
are
not
historical
facts,
are
made
as
of
the
date
of
this
news
release
and
include
without
limitation,
statements
regarding
discussions
of
future
plans,
estimates
and
forecasts
and
statements
as
to
management's
expectations
and
intentions
with
respect
to,
among
other
things,
the
use
of
the
proceeds
raised
under
the
Offering
and
the
Company’s
anticipated
work
programs.
In
making
the
forward-looking
statements
in
this
news
release,
the
Company
has
applied
several
material
assumptions,
including
without
limitation,
that
the
Company
will
complete
its
anticipated
work
programs
and
use
the
proceeds
of
the
Offering
as
currently
anticipated.
These
forward-
looking
statements
involve
numerous
risks
and
uncertainties
and
actual
results
might
differ
materially
from
results
suggested
in
any
forward-looking
statements.
These
risks
and
uncertainties
include,
among
other
things,
market
uncertainty,
the
results
of
the
Company’s
anticipated
work
programs
and
that
the
Company
will
not
use
the
proceeds
of
the
Offering
as
currently
anticipated.
Although
management
of
the
Company
has
attempted
to
identify
important
factors
that
could
cause
actual
results
to
differ
materially
from
those
contained
in
forward-looking
statements
or
forward-looking
information,
there
may
be
other
factors
that
cause
results
not
to
be
as
anticipated,
estimated
or
intended.
There
can
be
no
assurance
that
such
statements
will
prove
to
be
accurate,
as
actual
results
and
future
events
could
differ
materially
from
those
anticipated
in
such
statements.
Accordingly,
readers
should
not
place
undue
reliance
on
forward-looking
statements
and
forward-looking
information.
Readers
are
cautioned
that
reliance
on
such
information
may
not
be
appropriate
for
other
purposes.
The
Company
does
not
undertake
to
update
any
forward-looking
statement,
forward-looking
information
or
financial
out-look
that
are
incorporated
by
reference
herein,
except
in
accordance
with
applicable
securities
laws.
We
seek
safe
harbor.