Sego Resources completes closing of private placement

Jan 6, 2017

SEGO RESOURCES COMPLETES CLOSING OF PRIVATE PLACEMENT

Sego Resources Inc. has completed closing of its non-brokered private placement of units at five cents per unit announced on Aug. 3, 2016, and updated on Sept. 6, 2016, Oct. 28, 2016, and Dec. 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 first tranche consisted of 2.05 million units for gross proceeds of $102,500 (300,000 units were non-flow-through units for proceeds of $15,000, and 1.75 million units were flow-through units for proceeds of $87,500). A finder’s fee of $6,125 and 122,500 finder’s warrants were paid with respect to the first tranche to PI Financial Corp. 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. The shares issued are subject to a four-month hold dated Feb. 25, 2017.

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 were paid with respect to the final tranche to PI Financial. 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 final tranche will be subject to a four-month hold dated April 30, 2017.

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.

Sego is 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.

http://segoresources.com/newsnew.html