Sylla Gold Announces Private Placement of Units and Closing of First Tranche of Private Placement
Sylla Gold Announces Private Placement of
Units and Closing of First Tranche of Private
Placement
Bedford, Nova Scotia--(Newsfile Corp. - September 5, 2023) -
Sylla Gold Corp. (TSXV: SYG)
(the
"
Company
") announces closing of a first tranche of a non-brokered private placement through the
issuance 4,850,000 units (each, a "
Unit
") at a price of $0.05 per Unit for aggregate gross proceeds of
up to $242,500 (the "
Offering
"). Each Unit is comprised of one common share (each, 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 thereof to acquire one Common Share at
a price of $0.10 per Common Share for a period of eighteen (18) months from the date of issuance.
The closing of the Offering constitutes the first tranche of a proposed non-brokered private placement by
the Company of up to 10,000,000 Units for aggregate gross proceeds of up to $500,000. The Company
anticipates closing an additional tranche (or tranches) on or before October 5, 2023.
All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from
the date of issuance and the resale rules of applicable securities legislation. The net proceeds raised
under the offering will be used for: the exploration and advancement of the company's Niaouleni Gold
Project, general corporate and working capital purposes. The closing of the Offering is subject to certain
conditions including, but not limited to, the receipt of all necessary regulatory and other approvals,
including the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the
securities in the United States. The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "
U.S. Securities Act
") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is available.
The Offering constituted a "related party transaction" as defined in Multilateral Instrument 61-101 -
Protection of Minority Securityholders in Special Transactions
("
MI 61-101
"), as insiders of the
Company subscribed for an aggregate of 1,350,000 Units. The Company is relying on the exemptions
from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections
5.5(b) and 5.7(1)(b) of MI 61-101, as the Company is not listed on a specified market and the fair market
value of the Units being issued to insiders in connection with the Offering does not exceed $2,500,000,
as determined in accordance with MI 61-101. The Company did not file a material change report in
respect of the related party transaction at least 21 days before the closing of the Offering, which the
Company deems reasonable in the circumstances in order to complete the Offering in an expeditious
manner.
For more information, please contact:
Regan Isenor
President and Chief Executive Officer
Tel:
(902) 233-4381
Email:
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
release.
This news release contains certain "forward-looking information" within the meaning of applicable
securities laws. Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential",
"proposed" and other similar words, or statements that certain events or conditions "may" or "will"
occur. These statements are only predictions. Forward-looking information is based on the opinions
and estimates of management at the date the information is provided, and is subject to a variety of
risks and uncertainties and other factors that could cause actual events or results to differ materially
from those projected in the forward-looking information. For a description of the risks and uncertainties
facing the Company and its business and affairs, readers should refer to the Company's
Management's Discussion and Analysis. The Company undertakes no obligation to update forward-
looking information if circumstances or management's estimates or opinions should change, unless
required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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