Kelowna, British Columbia – TheNewswire – November 26, 2021 – ( ) (“South Atlantic” or the “Company”) announces it has increased the previously announced financing (see new release of November 11, 2021) wherein the Company has increased the Offering to 35,000,000 common shares of the Company at a price of $0.05 per share for gross proceeds of up to $1,750,000 placement (the “Offering”). Proceeds will be used by the Company for exploration expenditures as well as general working capital and administrative purposes.
To demonstrate continued support of the Company’s growth plans, insiders of the Company, including certain directors are expected to participate in the Offering. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The related party transaction will be exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the gross securities to be issued under the Private Placement nor the consideration to be paid by the insiders will exceed 25% of the Company’s market capitalization.
The Company may pay finders’ fees of 6% cash and 6% finders warrants (“Finder Warrant”) on externally sourced funds. Each Finder Warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.06 for 24 months from closing.
The Offering remains subject to the approval of the TSX Venture Exchange. The securities issued pursuant to the Offering will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws the Exchange Hold Period.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ON BEHALF OF THE BOARD
Douglas Meirelles, President and CEO
For more information regarding this news release, please contact:
Anne Hite, Vice President, Investor Relations
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking Information”, as such term is used in applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. There can be no assurance that the Fundamental Acquisition will be completed as proposed or at all.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2021 TheNewswire – All rights reserved.
Peloton Mineral’s Elephant Hunt for Copper in Montana Becomes Possible With Modern Technology
Ted Ellwood had his eye on the Boulder copper porphyry project in southwestern Montana for more than ten years…
Portofino Completes Agreement with REMSA for the First Lithium Project in Salta, Argentina
PORTOFINO RESOURCES INC. (TSX-V: POR) (OTCQB: PFFOF) (FSE: POTA) (“Portofino” or the “Company”) is pleased to announce the execution of a definitive collaboration agreement…
Canadian Junior Explorer Has Three Nevada Gold Projects Permitted & Ready to Drill
Ameriwest Lithium’s Edwards Creek Valley Study Indicates Much Larger Shallow Brine Target Than Previously Thought
Work begins on the 5,000-tonne bulk sampling on the Pershing-Manitou gite on the Courville property and progress of the transaction with Abcourt Mines Inc.
Mantaro Precious Metals Corp. Intersects 4.69m at 5.15 g/t Gold in First Drill Hole from Golden Hill Drill Program, Assays Pending from 20 of 21 Holes
Transition Sampling Returns 1,215 g/t Silver and Confirms Multiple Zones of High-Grade Silver and Gold Mineralization at The Pike-Warden Property, Yukon and Issues Stock Options
Wesdome Exploration Defines up Plunge Extension of Falcon 7 Zone and Identifies New Lens East of Mine 7 Zone at the Eagle River Mine
X-TERRA RESOURCES COMPLETES TRENCHING PROGRAM AT THE NORTWEST PROPERTY
StraightUp Resources Inc. Provides Corporate Update
Equity Metals Announces the Extension of the Expiry Date of Certain Common Share Purchase Warrants
International Lithium Corp. Begins Phase 3 Drilling at Raleigh Lake Lithium Project, Ontario, Canada
Phase-I Reconnaissance Drilling Completed on the Sandra Silver-Gold Project in Durango, Mexico
Precious Metals20 hours ago
Chinese Gold Demand Appears To Be Picking Up Again
Companies22 hours ago
Carmanah Signs Joint Venture Agreement with Marvel Discovery on its Walker Uranium Claims in the Athabasca Basin
Energy & Critical Metals22 hours ago
Nuclear Energy Is Declining in the West and Growing in Developing Countries
Base Metals23 hours ago
An Auto Parts Winner in a Greener Future
Financing News18 hours ago
GoviEx and Sprott Bought Deal Doubled from $5M to $10M on Strong Demand
Precious Metals22 hours ago
The FatFIRE Movement: 7 Ways to Retire Young and Rich
Economics18 hours ago
A growing global dystopia – Richard Mills
Financing News21 hours ago
Bullion Gold Notes the Presence of Visible Gold in its Ongoing Drilling at Bousquet