Sitka Gold Announces $1,000,000 Private Placement Financing
VANCOUVER, July 03, 2020 - Sitka Gold Corp. ("Sitka" or the "Company") (CSE:SIG) (CNSX:SIG.CN) (FSE:1RF) (OTC:SITKF) is pleased to announce that it intends to complete a non-brokered private placement whereby purchasers, will subscribe for approximately 5,000,000 flow-through units at a price of $0.20 per unit (the "Flow-Through Units") for gross proceeds of approximately $1,000,000 (the "Offering"). Each Flow-Through Unit will consist of one flow-through common share of the Company and one-half of one non flow-through common share purchase warrant (the "Warrants"). Each whole Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.22 for a period of 36 months from the date of closing of the Offering. The Offering is expected to close on or about July 23, 2020.
The proceeds raised from the Flow-Through Units will be spent on exploration that will qualify as Canadian exploration expenses (CEE) and flow-through mining expenditures for purposes of the Income Tax Act (Canada). The company intends to use the proceeds from the Offering for exploration work on its Yukon gold properties.
In connection with the Private Placement, the Company may pay a finders' fee in accordance with the rules and policies of the Canadian Securities Exchange. The Private Placement remains subject to regulatory approval.
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, silver and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the RC Gold and Barney Ridge Gold properties in the Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, its Mahtin Gold property in the Yukon and its Coppermine River project in Nunavut. Directors and Management own approximately 20% of the outstanding shares of Sitka Gold Corp., a solid indication of their alignment with shareholders' interests.
ON BEHALF OF THE BOARD OF DIRECTORS OF
"Donald Penner"
President and Director
For more information contact:
Donald Penner
President & Director
778-212-1950
dpenner@sitkagoldcorp.com
or
Cor Coe
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com
Cautionary and Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the expected timing and terms of the private placement, use of proceeds, anticipated work program, required approvals in connection with the work program and the ability to obtain such approvals. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward-looking statements and information contained in this news release are made as of the date of this news release and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the CSE. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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