Toronto, Ontario--(Newsfile Corp. - February 25, 2025) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) ("Signature" or the "Company") is pleased to announce that the Company is offering a non-brokered private placement of flow-through shares ("FT Shares") and non-flow-through shares ("NFT Shares") for gross proceeds of up to C$1,000,000 (the "Offering"). It is anticipated that insiders will subscribe for at least 20% of the offering.
Each FT Share and NFT share is being offered at C$0.05 per share. All securities issued pursuant to this proposed private placement will be subject to the Exchange Hold Period and legend accordingly.
The net proceeds from the Offering will be used for completing the maiden NI 43-101, final expenses for the 2024 drilling program and general working capital purposes. It is expected that thirty percent of the proceeds will be used for completing the resource model, twenty five percent for the remaining drilling program expenses and forty-five percent for general working capital purposes including accrued invoices to a non-arm's length party. None of the proceeds will be used for investor relations service providers.
Update on Resource Publication
The Company had previously announced its intention to publish its initial NI 43-101 resource study in April of 2025 and that this work is being undertaken by the independent geologic consulting firm of Watts, Griffis and McQuat Limited (WGM). With all the final assays results being delayed and not being able to provide all the final data to our independent consultants until earlier this month, WGM has informed the Company that this has delayed their ability to meet our original publication goals. It is anticipated that they will be able to complete their work and that we should be in the position to publish our maiden resource early summer 2025. We are disappointed that the delay in final assay results from the labs has impacted our scheduling but we remain very enthusiastic about the results we have announced from our 2024 drilling program and how it benefits our geologic model and the NI 43-101 resource report.
About Signature
The Lingman Lake gold property (the "Property") consists of 1,300 staked claims, four freehold fully patented claims and 14 mineral rights patented claims totaling approximately 24,761 hectares. The Property includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-metre shaft, and 3-levels at 46-metres, 84-metres and 122-metres depths. There has been over 28,000 metres of historical drilling done on the Property and four 500 pound bulk samples that averaged 19 grams per tonne of gold. In November of 2023, the Ontario government energized a new 115kV high tension transmission line within 40 km of the historic Lingman Lake Mine (https://www.wataypower.ca/).
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 news release.
This news release contains forward-looking statements which are not statements of historical fact. Forward-Looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-Looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-Looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions and risks associated with infectious diseases, including COVID-19. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to changes in general economic and financial market conditions, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
