Sable Resources Ltd. (TSX-V:SAE) is pleased to announce that it has closed its previously announced private placement to raise gross proceeds of $4,105,575. The Offering was led by Haywood Securities Inc. and included the exercise, in part, of the Agent’s option. Concurrently with closing of the Brokered Offering, the Company also closed a non-brokered offering to raise gross proceeds of an additional $150,000, for combined aggregate gross proceeds of $4,255,575. The Offering was upsized from $3,000,000 on August 30, 2017 due to strong demand.
Pursuant to the Offering, the Company issued a total of 28,370,500 units at a price of $0.15 per Unit. Each Unit is comprised of one common share of the Company and one common share purchase warrant with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.25 until September 8, 2019.
The net proceeds received by the Company from the Offering will be used for exploration on the Company’s properties in North America and for working capital and general corporate purposes.
In connection with the Offering, the Agent received a cash commission in an amount equal to 6.0% of the gross proceeds of the Offering (excluding proceeds from certain president’s list subscribers, for which the cash commission was reduced to 3.0%) and was granted 1,572,230 common share purchase warrants entitling the Agent to subscribe for 1,572,230 Common Shares, equal to 6.0% of the aggregate number of Units sold in the Offering (excluding Units sold to certain president’s list subscribers, for which the Broker Warrants issuable were reduced to 3.0%). Each Broker Warrant is exercisable at a price equal to $0.15 until September 8, 2019.
All of the Units, including the underlying securities thereof, and the Broker Warrants, including the underlying securities thereof, issued in connection with the Offering will be subject to a four month and one day hold in accordance with Canadian securities laws. Securities of the Company sold in the Offering in the United States or to, or for the benefit of, U.S. persons constitute “restricted securities” under U.S. securities laws and, accordingly, are also subject to additional resale restrictions.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered (including all underlying securities thereof) have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and such securities may not be offered or sold within the United States, or to, or for the account or benefit of, U.S. persons, absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Sable Resources
Sable owns 142 square kilometers of mineral tenure and mining leases in the Toodoggone mining district, including the past-producing Baker and Shasta mines, and the 250-ton-per-day Baker mill and tailings facility.
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