Sitka Gold Corp. Closes Oversubscribed $3.33 Million Private Placement
NEWS RELEASE
December 22, 2022
NR 22-33
www.sitkagoldcorp.com
Sitka Gold Corp. Closes Oversubscribed $3.33 Million Private
Placement
VANCOUVER, CANADA – December 22, 2022: 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 $3,332,100.40 (the
“Offering”) through the issuance of 15,190,666 flow-through units (the “FT Units”) at a price of $0.15
per FT Unit and 8,103,850 non-flow-through units (the “NFT Units”) at a price of $0.13 per NFT Unit.
Each NFT Unit is comprised of one common share (a “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 at a price of $0.2 2 for a period of 24
months from the date of issuance. Each FT Unit is comprised of one flow-through common share in the
capital of the Company and one-half of one Warrant.
The Offering, as announced in the Company’s news releases dated December 7, 2022 (“Sitka Gold
Corp. Announces up to $2.5M Private Placement”), and December 19, 2022 (“Sitka Gold Corp.
Announces Increase of Previously Announced Private Placement to $3.25 Million” ), was
oversubscribed. The Company intends to use the net proceeds of the Offering for exploration work on
its Yukon gold properties and for general working capital.
In connection with the Offering, the Company issued 644,343 finder’s warrants (the “Finder’s
Warrants”) and paid commissions of $90,440.99 to certain finders. Each Finder’s Warrant is subject to
the same terms and conditions as the Warrants.
Canaccord Genuity Corp. acted as financial advisor to the Company in connection with the Offering. In
consideration for such services, the Company has agreed to issue to Canaccord Genuity Corp. an
aggregate of 166,666 Shares (the “Advisory Shares”) at an issue price of $0.15 per Advisory Share.
Certain directors and officers of the Company purchased an aggregate of 150,000 FT Units and
100,000 NFT 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.
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, the Mahtin Gold property in the Yukon and the
Coppermine River project in Nunavut.
Sitka is currently awaiting additional assay results from its recently completed Phase II summer
diamond drill program at its RC Gold Project in the Yukon. The Company is also awaiting results from
a recently completed drill program at its Alpha Gold Property in Nevada where a new Carlin-type gold
system was recently discovered and where the Company is focused on vectoring towards the high-
grade core of this system.
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 inf ormation 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.