Sego Resources closes $69,000 final financing tranche

Dec 29, 2016

SEGO RESOURCES CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT

Sego Resources Inc. has closed the final tranche of its non-brokered private placement of units at five cents per unit announced on Aug. 3, 2016, and updated on Sept. 6, 2016, and Oct. 28, 2016. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase an additional common share at 7.5 cents in the first year and at 10 cents in the second year.

The final tranche consisted of 1.38 million units for gross proceeds of $69,000 (160,000 units were non-flow-through units for proceeds of $8,000, and 1.22 million units were flow-through units for proceeds of $61,000). A finder’s fee of $4,095 and 81,900 finder’s warrants was paid with respect to the final tranche. Each finder’s warrant entitles the holder to purchase a non-flow-through unit with the same terms as the private placement units at five cents per unit for two years.

All shares issued in the financing will be subject to a four-month hold. The flow-through proceeds raised are for exploration on the company’s Miner Mountain project. The non-flow-through units will be used for working capital. The company fully expects to spend the proceeds as stated. The closing is subject to regulatory approval.

Sego is the 100-per-cent owner of the Miner Mountain project, an alkalic copper-gold porphyry exploration project near Princeton, B.C. The property is 2,056.54 hectares in size and located 15 kilometres north of the Copper Mountain mine operated by Copper Mountain Mining Corp. and Mitsubishi Copper. Sego has a memorandum of understanding with the Upper Similkameen Indian Band, in whose traditional territory the Miner Mountain project is situated.

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