Signature Resources Announces Increase in Recently Announced Equity Financing to C$2,000,000
Toronto, Ontario–(Newsfile Corp. – February 25, 2022) – Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE 3S3) (“Signature” or the “Company”) is pleased to announce that due to strong demand, the previously announced non-brokered private placement financing by the company has been increased. The non-brokered private placement will consist of both flow-through shares (“FT Shares”) and non-flow-through shares (“NFT Shares”) for gross proceeds of up to C$2,000,000 (the “Offer”).
Following a large institutional order, each FT share is now offered at C$0.07 per share and each NFT share is still offered at $0.06 per share.
The net proceeds of the offering will be used for the initial NI 43-101 resource estimate previously announced (NR 2022-01: February 9, 2022) and characterization of related deposits, compilation of ongoing exploration data and general corporate purposes.
The Lingman Lake Gold Property consists of 1,434 staked claims, four fully patented freehold claims and 14 patented mining rights claims totaling approximately 27,113 hectares. The property includes what has historically been called the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5 meter shaft and 3 levels at 46 meters, 84 meters and 122 meters deep. Over 28,000 meters of historic drilling has been completed on the property.
To learn more about Signature Resources Ltd., visit our website at www.signatureresources.ca or contact:
416.642-1807 Ext. 307
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 press release.
This press release contains forward-looking statements that are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words that indicate that the Company or management expects a stated condition or result to occur. Forward-looking statements can be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plans”. Because forward-looking statements are based on assumptions and address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company does not guarantee that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimate , mining exploration and development plans, timing of commencement of operations, and estimates of market conditions and risks associated with infectious diseases, including COVID-19. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in general economic and financial market conditions, the inability to identify mineral resources, the inability to convert estimated mineral resources into reserves, the inability to complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failure to obtain governmental, environmental or other approvals required for the project, political risks, inability to fulfill the obligation to accommodate First Nations and other Indigenous peoples, uncertainties related to the availability and costs of financing necessary for the future, stock market changes, inflation, exchange rate changes, price fluctuations commodity prices, delays in project development, capital and operating costs deviating significantly from estimates, and other risks involved in mineral exploration and development the investment industry and risks disclosed in the Company’s public filings on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the time frames disclosed or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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