Toronto, Ontario–(Newsfile Corp. – May 2, 2024) – Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) (“Signature” or the “Company”) We would like to announce that. The Company is offering a non-brokered private placement of up to C$1,000,000 of flow-through shares (“FT Shares”) and non-flow-through shares (“NFT Shares”) (the “Offering”). More than half of the offering is expected to be subscribed by members of the Company's board of directors and management team.
Each FT Share is offered at C$0.05 per share and each NFT Share is offered at C$0.045 per share. All securities issued pursuant to this proposed private placement will be subject to an exchange hold period and legend accordingly.
Net proceeds from this offering will be used for the 2024 drilling program and general working capital purposes. It is expected that 10% of the proceeds will be used for general working capital and the remainder will be spent on the drilling program. Proceeds will not be used to pay non-arm's length parties or investor information service providers.
Starting the field program
The company will conduct 1) mapping of historical activity on the site, 2) structural mapping, and 3) identification of proposed drilling locations and structural Launched a 2024 field program to focus on exposure review. This activity is expected to take him 30 days and will allow Signature to begin his 2024 training program in mid-June. This training program is designed to make the most efficient use of exploration funds to increase understanding and knowledge of the Lingman Lake project, with the goal of publishing the first edition of NI 43-101 in spring 2025.
About signature
The Lingman Lake gold property (the “Property”) consists of 1,300 stake claims, 4 freehold wholly owned claims, and 14 mineral rights claims, with a total area of Approximately 24,761 hectares. The site includes what has historically been called the Lingman Lake Gold Mine, which includes a 126.5 meter long shaft and three levels of 46 meter, 84 meter and 122 meter deep mines. This is an underground foundation structure. The property has historically seen more than 28,000 meters of drilling, yielding four 500-pound bulk samples averaging 19 grams per tonne gold. In November 2023, the Government of Ontario powered his new 115kV high voltage transmission line within 40 km of the historic Lingman Lake Mine (https://www.wotaypower.ca/).
For more information about Signature, please visit our website at www.signatureresources.ca or contact us below.
Dan Denbow
Interim CEO
416-840-6345
info@signatureresources.ca
Notes
Neither 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 news release.
This news release contains forward-looking statements that are not statements of historical fact. Forward-looking statements include estimates and statements that describe our future plans, objectives or goals, including statements that we or our management expect the stated circumstances or results to occur. Forward-looking statements include the words “believe,” “anticipate,” “expect,” “estimate,” “may,” “could,” “will,” “plan,” or ” It may be identified by terms such as 'to plan'. Forward-looking statements are based on assumptions and address future events or conditions and, by their nature, involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors associated with forward-looking information may cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. there is. Forward-looking information in this news release includes the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimates, exploration and mine development plans, and timing of commencement of mining. but not limited to. Manage and estimate market conditions and risks related to infectious diseases, including COVID-19. Factors that could cause actual results to differ materially from such forward-looking information include changes in general economic and financial market conditions, failure to identify mineral resources, changes in estimated mineral resource reserves; including, but not limited to, failure to convert or inability to complete conversion to reserves. feasibility studies recommending production decisions; the preliminary nature of metallurgical test results; delays in obtaining, or failure to obtain, necessary governmental, environmental, or other project approvals; political risks; First Nations and other indigenous peoples; uncertainties regarding the availability and cost of future financing needs, changes in stock markets, inflation, exchange rate changes, commodity price fluctuations, delays in project development; capital and operating costs that differ materially from estimates and other risks to companies involved in the mineral exploration and development industry and the risks described in the Company's public documents filed on SEDAR; Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information; Applies only as of the date of and does not provide any warranties. Assume that such event does not occur within the disclosed time frame 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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