Sage Gold closes $500,000 final tranche of financing

Dec 2, 2017

2017-12-01 17:05 ET – News Release

Mr. Nigel Lees reports

SAGE GOLD CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT

Sage Gold Inc., further to its news releases dated Oct. 20, 2017, Oct. 23, 2017, Oct. 31, 2017, and Nov. 14, 2017, has closed the fourth and final tranche of its treasury offering of flow-through common share units of the company at the price 22 cents per unit. The fourth tranche consisted of the sale of 2,272,727 units for gross proceeds of $500,000. Each unit comprises one common share of the company, issued on a flow-through basis, and one-half of one common share purchase warrant. Each whole warrant entitles its holder to purchase one common share at an exercise price of 32 cents for a period of 24 months following the closing of the fourth tranche.

Securities issued pursuant to the fourth tranche shall be subject to a four-month-plus-one-day hold period commencing on the day of the closing of the fourth tranche under applicable Canadian securities laws. In connection with the closing of the fourth tranche, finders’ fees of $40,000 were paid and 113,635 compensation warrants were issued to certain eligible finders. Each finder’s warrant entitles the holder to acquire one common share at an exercise price of 32 cents per common share for a period of 24 months following the closing of the fourth tranche. The offering, conducted though the four tranches, consisted of the sale of an aggregate of 7,401,527 units for total gross proceeds of $1,628,336. In addition, in aggregate, the company paid $92,439.20 in finders’ fees and issued 262,610 compensation warrants associated with the four tranches.

Following the completion of the fourth tranche, the number of shares outstanding is 84,802,157. The company intends to use the net proceeds from the offering to incur Canadian exploration expenses (CEE) on its properties.

About Sage Gold Inc.

Sage Gold is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its flagship project is the 100-per-cent-owned Clavos gold mine in Timmins. Its main exploration properties include the 100-per-cent-owned Onaman property and other exploration properties in the Beardmore-Geraldton gold camp. Technical reports and information relating to the properties can be obtained from SEDAR and from the company’s website.

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http://www.sagegoldinc.com/news/