News & Media
SITKA CLOSES PRIVATE PLACEMENT
VANCOUVER, CANADA – July 3rd, 2018: Sitka Gold Corp. (CSE: SIG) (the “Company”) is pleased to announce that it has closed the nonbrokered private placement that was announced on May 29, 2018. The Company has issued 480,000 (the “Units”) at a price of $0.25 per Unit for gross proceeds of $120,000. Each Unit is comprised of one common share and one share purchase warrant. Each warrant entitles the holder to acquire one additional share in the capital of the Company at a price of $0.40 until June 29, 2020. The common shares comprising the Units and any shares issued upon the exercise of any Warrants are subject to a hold period expiring at midnight on October 29, 2018. The proceeds of the offering will be applied toward the advancement of the Company’s Nevada mineral properties and for general working capital purposes.
The following insiders of the Company acquired an aggregate of 160,000 Units: Corwin Coe (60,000 Units), Peter Maclean (20,000 Units), and Scott Price (80,000 Units). These transactions constitute “related party transactions” under Multilateral Instrument 61101 Protection of Minority Security Holders in Special Transactions (“MI 61101”). The related party transactions are exempt from the formal valuation requirements of Section 5.4 of MI 61101 pursuant to subsection 5.5(a) of MI 61101, and exempt from the minority approval requirements of Section 5.6 of MI 61101 pursuant to subsection 5.7(1)(a) of MI 61101. A material change report was not filed more than 21 days prior to closing as contemplated by the related party transaction requirements under MI 61-101 as the insider participation was only recently confirmed.
About Sitka Gold Corp.
Sitka Gold Corp. is a mineral exploration company headquartered in Canada and managed by a team of experienced mining industry professionals. The Company is focused on exploring for economically viable mineral deposits with its primary emphasis on gold and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the Adobe gold property in Nevada and owns a 100% interest in its Coppermine River project in Nunavut and the Alpha Gold property in Nevada. The Company is currently drilling its Adobe Gold Property with funds raised from its recent Initial Public Offering that was fully subscribed for $1.2M.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SITKA GOLD CORP.
President and Director
For more information contact:
President & Director
CEO & Director
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
Certain statements included herein may constitute “forward-looking statements”. All statements included in this press release that address future events, conditions or results, including in connection with exploration activity, future acquisitions and any financing, are forward-looking statements. These forward-looking statements can be identified by the use of words such as “may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”, “intend”, “anticipate” or “future” or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Company’s continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.