Sitka Gold Corp. Closes $5.5 Million Private Placement
NEWS RELEASE
September 6, 2024
NR 24-21
www.sitkagoldcorp.com
Sitka Gold Corp. Closes $5.5 Million Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, CANADA – September 6, 2024: Sitka Gold Corp. (“Sitka” or the “Company”)
(TSXV:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that the Company has closed a non-
brokered private placement for aggregate gross proceeds of $5,500,000 (the “ Offering”) through the
issuance of 27,500,000 units (the "Units") sold at a price of $0.20 per Unit.
Each Unit consists of one common share of the Company and one half (½) of one common share
purchase warrant (each whole warrant, a " Warrant"). Each Warrant entitles the holder thereof to
purchase one additional common share of the Company at a price of $0.38 for a period of 36 months
from the date of issuance.
Crescat Capital (“Crescat”) and its principals invested a total of $2,500,000 in the Offering. Crescat is
a global macro asset management firm headquartered in Denver, Colorado, that deploys tactical
investment themes based on proprietary value- driven equity and macro models. Crescat has been
taking friendly-activist stakes in the precious metals exploration industry today as one of its key macro
themes.
Crescat’s Geologic and Technical Director, Quinton T. Hennigh, PhD commented: "I believe Sitka's RC
Gold Project is proving to be one of the highest quality reduced intrusion type gold discoveries in the
Yukon. Long runs of consistent, high- grade gold encountered in recent drilling around the southern
perimeter of the Blackjack target point to a very robust, potentially fully preserved gold system at depth.
As the Company has stepped into this area with their drill program, the results continue to validate our
reasons for investing. We take pride in identifying and supporting discov ery stage stories like this.
Given the opportunities in the distressed mining capital markets right now, we feel compelled to support
Sitka as they drill this discovery."
“We would like to thank Crescat Capital and the other shareholders who helped make this financing
possible”, said Cor Coe, CEO and Director of Sitka Gold. “Crescat’s increased investment in Sitka is a
considerable endorsement of our flagship RC Gold Project and we look forward to realizing the full
potential of this exciting district-scale property.”
The Company intends to use the net proceeds of the Offering on exploration work on its mineral
properties, including the RC Gold Project in Yukon, and for general working capital.
The Offering remains subject to final acceptance from the TSX Venture Exchange. All securities issued
pursuant to the Offering are subject to a hold period expiring on January 7, 2025, in addition to such
other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. No
finder’s fees were paid in connection with the Offering.
None of the securities sold in connection with the Offering have been and will not be registered under
the United States Securities Act of 1933, as amended, and no such securities may be offered or sold
in the United States absent registration or an applicable exemption from the registration requirements.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or
sale would be unlawful.
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 is currently advancing its 100% owned, 431 square kilometre flagship RC
Gold Project within the Tombstone Gold Belt in the Yukon Territory. The Company is also advancing
the Alpha Gold Project in N evada and currently has drill permits for its Burro Creek Gold and Silver
Project in Arizona and the Coppermine River Project in Nunavut.
In 2023, the Company announced an NI 43-101 compliant Initial Mineral Resource Estimate (“MRE”)
of 1,340,000 ounces of gold at its RC Gold Project, beginning at surface and grading 0.68 g/t (see
news release dated January 19, 2023) (1). The Initial Mineral Resource Estimate comprises the
Blackjack Deposit (900,000 ounces of gold grading 0.83 g/t gold) and the Eiger Deposit (440,000
ounces of gold grading 0.50 g/t gold), both of which remain open in all directions.
The Company is currently drilling at its year-round road accessible RC Gold Project in Yukon and has
completed an additional 32 diamond drill holes totalling 13,500 metres since the MRE was announced.
Drilling continues to expand upon the MRE with the most recently announced drill hole results from
DDRCCC-24-062 (“Hole 62”) returning 290.5 m of 1.10 g/t gold, including 105.0 m of 1.68 g/t gold
and 34.5 m of 2.61 g/t gold (see news release August 19, 2024).
(1) Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43- 101 Technical Report, Dawson Mining District, Yukon Territory
*For more detailed information on the underlying properties please visit our website at www.sitkagoldcorp.com
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary and Forward-Looking Statements
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 development
potential of the Com pany’s mineral exploration projects, the use of the proceeds raised under the
Offering and the timeline on which the proceeds will be used.
In making the forward- looking statements in this news release, the Company has applied several
material assumptions, including without limitation, about: general business and economic conditions;
the nature and location of the Company’s mineral exploration projects and the timing of the ability to
commence and complete the planned exploration programs; the anticipated terms of the consents,
permits and authorizations necessary to carry out the planned exploration programs and the
Company’s ability to comply with such terms on a cost‐effective basis; the Company’s ability to secure
the necessary consulting, drilling and related services and supplies on favorable terms; the timing of
the receipt of regulatory and governmental approvals, permits and authorizations necessary to
implement and carry on the Company’s planned exploration programs; and the Company using 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 uncertainty of the results of the
Company’s anticipated work programs, risks related to the timing and cost of planned exploration
programs of the Company, and the timing of the receipt of the results therefrom; risks related to the
timing of decisions r egarding the strategy and costs of exploration programs with respect to, and the
issuance of the necessary permits and authorizations required for, the Company’s exploration
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 res ults 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 outlook that are incorporated by reference herein, except in accordance with
applicable securities laws. We seek safe harbor.