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Sage Gold Inc Closes First Tranche of Private Placement


Thursday, 23 May 2013 04:15pm EDT 

Sage Gold Inc announced that the closing of the first tranche of a previously announced CAD700,000 non-brokered private placement for gross proceeds of $499,270 through the sale of 3,620,396 flow-through units (the FT Units) at $0.05 per FT Unit and 10,608,334 common shares (the Common Shares) at $0.03 per common share. The Company has received conditional approval from the TSX Venture Exchange for this issuance and all securities are subject to a four month hold period which expires on September 22, 2013. This private placement is necessary to support existing operations, activities and assets, and none of the proceeds from the Common Share portion of the private placement will be used to fund the purchase or pursuit of new businesses, operations or activities, or to compensate, settle indebtedness with, or otherwise satisfy obligations to, any person who is a Related Party (as such term is defined in the TSX Venture Exchange (TSXV) Corporate Finance Manual). Specifically, the use of the proceeds from the Common Share portion of the private placement will be used to preserve the Clavos gold property in Timmins, Ontario, satisfy option payments and interest payments on secured debt, to pay down accounts payable and for working capital purposes. The proceeds of the flow-through portion of the private placement will be used to fund the Company's share of the exploration and development of the Clavos gold property. 

Company Quote

0.12
-0.02 -14.29%
15 Sep 2014