Sitka Gold Corp. Closes $5.0 Million Private Placement
VANCOUVER, CANADA – November 7, 2024: Sitka Gold Corp. (“Sitka” or the “Company”) (TSXV:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that the Company has closed a non-brokered private placement for aggregate gross proceeds of $4,999,020 (the “Offering”) through the issuance of 9,802,000 flow-through common shares in the capital of the Company (the “FT Shares”) sold at a price of $0.51 per FT Share.
“This financing enables us to move forward with a healthy treasury of over $15 million and expand our drilling efforts across the extensive gold system identified at our road accessible, district-scale RC Gold Project, where two gold deposits have been discovered to date and several promising targets await further drill advancement”, commented Cor Coe, CEO and Director of Sitka.
Each FT Share was issued as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada).
The Company intends to use the net proceeds of the Offering on exploration and development programs on the Company’s flagship RC Gold Project in the Yukon Territory, which expenditures will qualify as “Canadian Exploration Expenses” as such term is defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Tax Act, which will be incurred on or before December 31, 2025 and renounced with an effective date no later than December 31, 2024, to the purchasers of the FT Shares.
The Offering remains subject to final acceptance from the TSX Venture Exchange. All securities issued pursuant to the Offering are subject to a hold period expiring on March 8, 2025.
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sitkagoldcorp.com/...rp-closes-5-0-million-private-placement/
VANCOUVER, CANADA – November 7, 2024: Sitka Gold Corp. (“Sitka” or the “Company”) (TSXV:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that the Company has closed a non-brokered private placement for aggregate gross proceeds of $4,999,020 (the “Offering”) through the issuance of 9,802,000 flow-through common shares in the capital of the Company (the “FT Shares”) sold at a price of $0.51 per FT Share.
“This financing enables us to move forward with a healthy treasury of over $15 million and expand our drilling efforts across the extensive gold system identified at our road accessible, district-scale RC Gold Project, where two gold deposits have been discovered to date and several promising targets await further drill advancement”, commented Cor Coe, CEO and Director of Sitka.
Each FT Share was issued as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada).
The Company intends to use the net proceeds of the Offering on exploration and development programs on the Company’s flagship RC Gold Project in the Yukon Territory, which expenditures will qualify as “Canadian Exploration Expenses” as such term is defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Tax Act, which will be incurred on or before December 31, 2025 and renounced with an effective date no later than December 31, 2024, to the purchasers of the FT Shares.
The Offering remains subject to final acceptance from the TSX Venture Exchange. All securities issued pursuant to the Offering are subject to a hold period expiring on March 8, 2025.
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sitkagoldcorp.com/...rp-closes-5-0-million-private-placement/
