Sage Gold Inc. (TSX VENTURE:SGX) is pleased to announce that it intends to complete a non-brokered private placement for gross proceeds of $700,000. The Offering will consist of the sale of 16,666,666 common shares at $0.03 per Common Share and the sale of 4,000,000 flow-through units at $0.05 per FT Unit. Each FT Unit will consist of one Common Share issued on a flow-through basis and one-half of one Common Share purchase warrant of the Company. Each whole Warrant shall entitle the holder to purchase one Common Share at a price of $0.05 for a period of 12 months following the closing date of the Offering.
The Company intends to use the net proceeds of the Offering to maintain the Company’s assets, for debt repayment and working capital purposes. Completion of the Offering is subject to the receipt of all necessary approvals including the approval TSX Venture Exchange (“TSXV”). Namely, approval of the sale of the Common Share portion of the Offering is being sought pursuant to the TSXV’s Notice to Issuers dated April 12, 2013, regarding the Extension and Modification of Temporary Relief from Certain Pricing Requirements.
All securities issued pursuant to the Offering will be subject to a statutory four-month and one day hold period.
Sage is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold deposit in Timmins and the Lynx deposit and other exploration properties in the Beardmore-Geraldton Gold Camp.
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We acknowledge the [financial] support of the Government of Canada.