San Lorenzo Announces Rig Mobilization, Private Placement and Option Grant
SAN LORENZO ANNOUNCES RIG MOBILIZATION, PRIVATE PLACEMENT AND
OPTION GRANT
CALGARY, ALBERTA, March 10 , 202 2 – San Lorenzo Gold Corp . (“ San Lorenzo ” or the
“Company”) (TSXV – SLG, OTCQB - SNLGF) is pleased to announce that a diamond drilling
rig is mobilizing this we ek to its 100% owned Salvadora copper/gold/silver property. A drilling
program consisting of up to 3 ,000 metres is planned and in connection with that program, the
Company plans to complete a non -brokered private placement of up to 10,000,000 units of the
Company (“ Units”) at a price of $0. 10 per Unit, for aggregate gross proceeds of up to
$1,000,000. (the “ Offering”). There is no minimum Offering. Each Unit will be comprised of
one (1) common share of the Company (“ Common Share”) and one Common Share purchase
warrant (“Warrant”). Each full Warrant shall be exercisable at $0. 20 per Common Share for a
period of 12 months from the date of closing of the Offering. San Lorenzo may pay a cash
commission or finder's fee to qualifie d non-related parties of up to 7 % of the gross proceeds of
the Offering payable in cash together with warrants representing 7% of the common shares
issued in connection with the Offering (“Broker Warrants”). Each Broker Warrant will entitle the
holder to purchase one additional common share of the Company at a price o f $0.10 for a
period of 12 months following closing of the Offering. The proceeds of the Offering will be used
for working capital including the costs for San Loren zo’s drilling program at Salvadora and to
pay the expenses of the Offering.
The Offering is being offered to all of the existing shareholders of the Company who are
permitted to subscribe pursuant to the Existing Shareholder Exemption. The Company
anticipates that the Offering may close in tranches with the final closing to occur on or around
March 31, 2022 . Any existing shareholders interested in participating in the Of fering should
contact the Company using the contact information set forth below. It is expected that certain
directors and officers of the Company will participate in the Offering.
As the Company is also relying on the Exe mption for Sales to Purchasers A dvised by
Investment Dealers, it confirms that there is no material fact or material change about the
Company which has not been generally disclosed. In addition to offering the Units pursuant to
the Existing Shareholder Exemption and the Exemption for Sal es to Purchasers Advised by
Investment Dealers, the Units are also being offered pursuant to other available prospectus
exemptions, including sales to accredited investors. Units will be allocated on a first come, first
served basis.
Completion of the Offe ring is subject to regulatory approval including, but not limited to, the
approval of the TSX Venture Exchange. The Common Shares and Warrants issued under the
Offering will be subject to a four month hold period from the date of the closing of the Offering.
The Corporation al so announces the grant of 580,000 options at a pric e of $0.10 per share to
officers, directors or other key personnel of the Company (“Options”). The Options will be for a
term of 10 years from the date of grant and will vest as to one third on the date of grant and one
third on each of the first and second anniversaries of grant.
For further information on the Company, readers are referred to the Company’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
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Company 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 grade mesothermal
gold-silver prospect and Punta Alta is a copper – gold porphyry prospect with related
disseminated and vein style copper-gold-silver-cobalt mineralization.
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 completion of a 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 such 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.