Source: Signature Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Signature Resources (SGU) has announced a C$3.5 million private placement led by Commodity Discovery Fund, Sprott Asset Management and Crescat Capital
  • The company will use the proceeds primarily to expand its exploration efforts on the Lingman Lake Gold Project
  • The company is preparing to begin a 10,000 m diamond drill program in late August
  • Signature Resources is a Canadian-based advanced-stage exploration company focused on its 100-per-cent owned Lingman Lake Gold Project
  • Signature Resources (SGU) is up by 6.90 per cent and is currently trading at $0.155 per share

Signature Resources (SGU) has announced a C$3.5 million private placement led by Commodity Discovery Fund, Sprott Asset Management and Crescat Capital.

The non-brokered private placement will offer flow-through units and non-flow-through units for gross proceeds of up to $3.5 million.

Each flow-through unit will cost $0.165 and will be comprised of one Signature common share and one-half of one non-flow-through common share purchase warrant priced at $0.25.

Non-flow-through units will cost $0.16 each and consist of one common share and one-half of one common share purchase warrant exercisable at $0.22.

Both the flow-through warrants and non-flow-through warrants expire two years following the closing date of the offering.

Signature Resources will use the proceeds primarily to expand its exploration efforts on the Lingman Lake Gold Project.

Robert Vallis, President, CEO and Director of Signature Resources, commented,

“We are incredibly pleased to welcome Commodity Discovery Fund as our newest cornerstone investor. We aim to further bolster their performance track record of generating significant returns through an expanded drill campaign at the Lingman Lake Gold Project. Just as important, we greatly appreciate the additional support from existing shareholders. Long lead time items have been secured with a focus on positioning, de-risking, and executing an expanded exploration program to deliver value to shareholders.”

Signature is securing a second diamond drill rig, an expanded drill crew and the required camp optimizations to begin a 10,000 m diamond drill program in late August. 

Signature Resources is a Canadian-based advanced-stage exploration company focused on its 100-per-cent owned Lingman Lake Gold Project.

Signature Resources (SGU) is up by 6.90 per cent and is currently trading at $0.155 per share as of 12:50 pm ET.

More From The Market Herald

" Tanzanian Gold Corporation (TSX:TNX) to become TRX Gold Corporation

Tanzanian Gold Corporation (TNX) will change its name to TRX Gold Corporation effective May 27, 2022.

" Foremost Lithium (CSE:FAT) working on battery-grade lithium hydroxide product

Foremost Lithium Resource & Technology (FAT) has contracted XPS Expert Process Solutions to create a ready-to-sell battery-grade lithium hydroxide product.

" Cirrus (CSE:CI) executes definitive agreement to consolidate Lordsburg Porphyry Copper Mining District

Cirrus Gold Corp (CI) has signed a purchase agreement to acquire the Lordsburg Property in New Mexico.

" HPQ Silicon Resources’ (TSXV:HPQ) PUREVAP Quartz Reduction Reactor pilot plant is now functional

HPQ Silicon Resources (HPQ) has received confirmation from PyroGenesis Canada that the PUREVAP Quartz Reduction Reactor pilot plant is now functional.