Signature Resources (TSX-V:SGU) has closed a private placement, which consisted of the issuance of 11.31 million flow-through units at C$0.045 for C$509,000 ($516,357), as well as 2.5 million non flow-through units at C$0.04 for C$100,000.
Each flow-through unit and non flow-through unit comprised one common share of Signature and half of a common share purchase warrant, exercisable at C$0.08 for a 12-month period.
Signature announced the placement earlier this month, with the funds to be used for field exploration programs. The programs will include mapping and sampling of regional prospects, metallurgical testwork and general working capital.
The company is focused on its wholly owned Lingman Lake Gold Project. Lingman Lake hosts multiple regional gold discovery potential, covering more than 24,000 hectares.
Lingman Lake has an indicated resource of 95,200 ounces at 1.38 grams per tonne gold and an inferred resource of 674,320 ounces at 1.14g/t gold.
Signature Resources is a Canada-based advanced-stage explorer focused on discoveries in the Red Lake district in Northwestern Ontario.
Write to Aaliyah Rogan at Mining.com.au
Images: Signature Resources
