Sage Gold Inc. Updates Private Placement
– Momentum Public Relations –
Press Release: May 26, 2016
Sage Gold Inc. (TSX VENTURE:SGX) is pleased to announce that, further to its press release dated May 11, 2016, it plans to close the second and final tranche of its non-brokered private placement (the “Offering“). The Company will be issuing up to 5,000,000 Units at a price of $0.05 per Unit for gross proceeds of up to $250,000. Each unit will consist of one common share of the Corporation (a “Common Share”) plus one half (1/2) Common Share purchase warrant (a “Warrant”). Each full Warrant entitles its holder to purchase one Common Share (a “Warrant Share”) at an exercise price of $0.10 for a period of 24 months following the Closing Date, whereupon the Warrants will expire. The Offering remains subject to final TSX Venture Exchange approval.
The securities issued pursuant to the Offering will be subject to a four (4) month and one (1) day statutory hold period. In connection with the Offering, a finder’s fee of up to 8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} will be paid in cash to certain eligible finders. The Corporation intends to use the net proceeds from the Offering for general working capital purposes.
If the Corporation’s shares trade at or above $0.20 per share for 20 consecutive trading days, the Corporation may, at any time after the expiry of the statutory hold period, accelerate the expiration of the Warrants upon not less than 30 days written notice by the Corporation, and thereafter repurchase any unexercised Warrants at $0.001 per underlying common share.
About Sage Gold
The Company is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property in Timmins and the 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} polymetallic owned Lynx property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.