Signature Resources (TSX-V:SGU) has increased a previously reported non-brokered private placement from C$3 million ($3.3 million) to C$3.7 million, after receiving ‘strong’ investor demand.
On 25 September, the Canadian mineral explorer announced the placement to fund an upcoming drilling program at the Lingman Lake Project. Drilling is expected to comprise 3,000m across six holes.
On 25 September, the flow-through units were set to be issued at C$0.06 per unit. Following the recent uplift, units will now be issued at C$0.077 per unit, which will consist of one share and one-half purchase warrant.
Each whole warrant is exercisable at C$0.10 per warrant share for 12 months from the date of issue.
Signature Resources has also closed a shares-for-debt transaction to which a total of C$350,000 of outstanding indebtedness was settled through issuing about 6.36 million non flow-through units at C$0.055 per unit.
The Lingman Lake Gold Project in Northwestern Ontario, Canada. The property consists of a complexly folded assemblage of mafic metavolcanics, felsic metavolcanics and metasedimentary rocks.
Write to Aaliyah Rogan at Mining.com.au
Images: Signature Resources
