Serengeti Resources Inc. (TSX-V:SIR) (FSE:34S) announces it that it has now closed its non brokered private placement financing originally announced April 24, 2019.  The Financing was the subject of a back end charity flow through structure, where the investors subscribed for a total of 4,850,000 Flow Through Common Shares at a price of $0.30 per FT Share to raise CDN$1,455,000. 

The securities issued by the Company in this Financing are subject to a statutory hold period which expires on September 18, 2019.  No commissions or finder’s fees were paid in relation to the financing.

Proceeds of the Financing shall be used for exploration expenditures, including drilling at the Company’s Atty property and regional target development on the Company’s other prospects located in British Columbia.  These expenditures will constitute Canadian Exploration Expenditures and “Flow Through Mining Expenditures” within the meaning of the Income Tax Act (Canada). 

David Moore, the President of Serengeti commented: “We now have the funds in place to drill key targets at our exciting Atty property.  We’re also hoping to advance a number of our other projects to a drilling decision.  I’m looking forward to updating shareholders on the Atty program through the summer.”

About Serengeti Resources Inc.

Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success.  The Company is currently advancing its Kwanika copper-gold project in partnership with POSCO International and exploring its extensive portfolio of properties in north-central British Columbia.