San Lorenzo Upsizes Its Previously Announced Private Placement and Closes Second Tranche
SAN LORENZO UPSIZES ITS PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT
AND CLOSES SECOND TRANCHE
CALGARY, ALBERTA, March 31, 2022 – San Lorenzo Gold Corp. (" San Lorenzo " or the
"Corporation") (TSXV – SLG, OTCQB - SNLGF) is pleased to announce that it has completed a
second tranche closing (the " Second Tranche Closing ") of its recently announced private
placement (see San Lorenzo press release dated March 10, 2022) of units of the Corporation
("Units") at a price of $0.10 per Unit, and due to strong investor demand, it has increased the
maximum size of the private placement from 10,000,000 Units for aggregate gross proceeds of
$1,000,000 to 15,000,000 Units for gross proceeds of $1,500,000 (the " Offering"). Each Unit is
comprised of one (1) common share of the Corporation (“Common Share”) and one (1) Common
Share purchase warrant (“ Warrant”). Each Warrant is exercisable at $0.20 per Common Share
for a period of 12 months from the date of issuance.
The Second Tranche Closing yielded gross proceeds of $720,000 which involved the issuance of
7,200,000 Units comprised of 7,200,000 Common Shares and 7,200,000 Warrants. Finder’s fees
in the aggregate amount of $49,000 and 504,000 broker warrants ("Broker Warrants") were paid
and issued in respect of the Second Tranche Closing. Each Broker Warrant entitles the holder to
acquire one Common Share at a price of $0.10 per Broker Warrant for a period of 12 months from
the date of issuance.
Proceeds from the Second Tranche Closing will be used for working capital purposes including
the costs for the drilling program at the Corporation’s Salvadora property and to pay the expenses
associated with the Offering. Unless the Corporation determines to further increase the gross
proceeds of the Offering, if additional subscriptions received for the Offering based on all available
exemptions exceed the remaining Offering amount of $380,000, Units will be allocated on a first
come, first served basis.
The Second Tranche Closing remains subject to final acceptance from the TSX Venture
Exchange Inc. (the " TSXV"). The TSXV has conditionally accepted the Offering, requiring the
Corporation to close all tranches under the Offering and to satisfy the TSXV's final acceptance
requirements by no later than April 25, 2022. The securities issued are subject to a four month
hold period from the date of the Second Tranche Closing.
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 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]
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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
Forward-Looking Information
This news release may contain certain forward-looking information and forward-looking statements within the meaning
of applicable securities legislation (collectively "forward-looking statements"). Generally, forward-looking statements
can be identified by the use of forward-looking terminology such as "expected", "will", "anticipated", "aims to", "plans
to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will"
occur. In particular, this news release contains forward-looking statements relating to, among other things: the use of
proceeds from the Offering; and the Corporation's ability to obtain necessary approvals from the TSX Venture
Exchange. Such forward-looking statements are based on various assumptions and factors that may prove to be
incorrect, including, but not limited to, factors and assumptions with respect to: the general stability of the economic
and political environment in which the Corporation operates; the timely receipt of required regulatory approvals; the
ability of the Corporation to obtain future financing on acceptable terms; currency, exchange and interest rates;
operating costs; the success the Corporation will have in exploring its prospects and the results from such prospects.
You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although the Corporation
believes that the assumptions and factors on which such forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements because the Corporation can give no assurance that
they will prove to be correct or that any of the events anticipated by such forward-looking statements will transpire or
occur, or if any of them do so, what benefits the Corporation will derive there from. Actual results could differ materially
from those currently anticipated due to a number of factors and risks including, but not limited to: fluctuations in market
conditions, including securities markets; economic factors; the risk that the Offering will not be completed as anticipated
or at all, including the risk that the Corporation will not receive the approvals necessary in connection with the Offering;
and the impact of general economic conditions and the COVID-19 pandemic. The Corporation does not undertake to
update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking
statements contained in this news release are expressly qualified by this cautionary statement