Signature Announces Non-Brokered Private Placement For Aggregate Gross Proceeds Of Up To $1 Million
May 19, 2016
Toronto, Ontario, May 19, 2016 – Signature Resources Ltd. (TSXV: SGU, OTCPK: SGGTF) ("Signature" or the "Company") is pleased to announce that it has extended its previously announced non-brokered private placement financing for aggregate gross proceeds of a minimum of $400,000 up to a maximum of $1,000,000 (the "Offering") until June 19, 2016. Additional details on the financing can be found in the Company's news release dated April 21, 2016.
Signature intends to use the proceeds of the Offering for general working capital purposes, and for the development of the Company's Lingman Lake Project. The Common Shares and Warrants (and any Common Shares issued upon the exercise of any Warrants) issued to subscribers resident in Canada in the Offering will be subject to a statutory four-month hold period. The Offering is subject to certain closing conditions, including, but not limited to, the receipt of applicable regulatory approvals (including approval of the TSXV) and the completion of required regulatory filings with the TSXV.
Together with the Company's original four free hold patented claims and the twelve staked claims; an aggregate of 606.8 hectares comprises the Lingman Lake Property. The Lingman Lake Property includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-meter shaft, and 3-levels at 46-meters, 84-meters and 122-meters depths. The mine hosts a significant historic resource, 60% of which resides on the patented claims and 40% on the staked claims.
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Chief Executive Officer
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.