San Lorenzo Announces First Tranche Private Placement Closing
SAN LORENZO ANNOUNCES FIRST TRANCHE PRIVATE PLACEMENT CLOSING
CALGARY, ALBERTA, March 11 , 202 2 – San Lorenzo Gold Corp . (“ San Lorenzo ” or the
“Corporation”) (TSXV – SLG, OTCQB - SNLGF) is pleased to announce that it has completed
a first tranche closing (the “ First Tranche Closing ”) of its recently announced private
placement (see San Lorenzo press release dated March 10, 2022).
The First Tranche Closing yielded gross and net proceeds of $400,000 which involved the
issuance of 4,000,000 common shares and 4,000,000 warrants. Each warrant entitles the
holder to purchase one additional common share of the Corporation at a price of $0.20 until
March 11, 2023 – being 12 months from closing. No finder’s fees , commissions or br oker
warrants were paid or issued in respect of the First Tranche Closing. P roceeds from the First
Tranche Closing will be used for working capital purposes including the costs for the upcoming
drilling program at the Corporation’s Salvadora property and to pay the expenses associated
with the offering.
The First Tranche Closing remains subject to final acceptance from the TSX Venture Exchange
Inc.
Insiders subscribed for all 4,000,000 Units sold in the First Tranche Closing for a total of 100%.
As insiders of San Lorenzo participated in this First Tranche Closing, it is deemed to be a
“related party transaction” as defined under Multilateral Instrument 61-101-Protection of Minority
Security Holders in Special Transactions (“MI 61-101”).
Neither the Corporation, nor to the knowledge of the Corporation after reasonable inquiry, a
related party, has knowledge of any material information concernin g the Corporation or its
securities that has not been generally disclosed.
The Offering is exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101 (pursuant to subsections 5.5(c) and 5.7(1)(b)) as it was a distribution
of securities for cash and neither the fair market value of the units distributed to, nor the
consideration received from, interested parties exceeded $2,500,000.
The Corporation did not file a material change report more than 21 days before the First
Tranche Closing because the details of the participation therein by related parties of the
Corporation were not settled until shortly prior to the First Tranche Closing and the Corporation
wished to close on an expedited basis for business reasons.
For further information on the Corporation, readers are referred to the Corporation’s website at
www.sanlorenzogold.com and its Canadian regulatory filings on SEDAR at www.sedar.com.
About San Lorenzo Gold Corp.
San Lorenzo Gold is in the business of exploring for and advancing mineral properties. The
Corporation currently has three 100% owned properties in Chile: Salvadora, Nancagua and
Punta Alta. The Salvadora property is being explored for large scale copper -gold porphyry
targets and high grade epithermal gold -silver-copper vein systems, Nancagua is a high gr ade
mesothermal gold -silver prospect and Punta Alta is a copper – gold porphyry prospect with
related disseminated and vein style copper-gold-silver-cobalt mineralization.
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For further information, please contact:
Al Kroontje, Chairman Ken Booth, President
Email: [email protected] Email: [email protected]
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.
Not for distribution to United States newswire services or for release, publication, distribution or
dissemination directly, or indirectly, in whole or in part, in or into the United States
Cautionary Note Regarding Forward-Looking Information
This press release may contain forward-looking information that involves substantial known and
unknown risks and uncertainties, most of which are beyond the control of San Lorenzo. All
statements included herein other than statements of historical fact, including statements
pertaining to the private placement , are forward -looking information . Such forward-looking
information involves various risks and uncertainties , including the risk that the TSX Venture
Exchange does not approve the private placement . There can be no assurance that such
information will prove to be accurate, and actual results and future events could differ materially
from those anticipated in su ch information. Any forward-looking statements are made as of the
date of this release and, other than as required by applicable securities laws, San Lorenzo does
not assume any obligation to update or revise them to reflect new events or circumstances.