Sky Gold Provides Update on Financing

Rhea-AI Summary

Sky Gold Corp. (TSXV:SKYG)30-day extension from the TSX Venture Exchange to close its previously announced non-brokered private placement. The company has already closed two tranches of the placement, raising gross proceeds of $366,400. This includes the issuance of 6,600,000 non-flow-through units at $0.05 per unit and 520,000 flow-through units at $0.07 per unit.

Each non-flow-through unit comprises one common share and one transferrable share purchase warrant, allowing the holder to purchase an additional share at $0.07 for 36 months. Flow-through units include one flow-through share and one non-flow-through warrant, enabling the purchase of an additional non-flow-through share at $0.10 for 24 months. All securities are subject to a 4-month statutory hold period. The financing awaits final approval from the TSXV.

Positive

• Raised $366,400 in gross proceeds from two tranches of private placement
• Received 30-day extension from TSX Venture Exchange to close the private placement
• Issued 6,600,000 non-flow-through units and 520,000 flow-through units

Negative

• Financing still subject to final approval from TSX Venture Exchange
• 4-month statutory hold period on issued securities may limit short-term liquidity

News Market Reaction

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On the day this news was published, SRKZF declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, BC / ACCESSWIRE / August 9, 2024 / Sky Gold Corp. (TSXV:SKYG)(OTC PINK:SRKZF) ("Sky Gold Corp." or the "Company") announces that further to the previously announced non-brokered private placement (see PR's dated May 24, 2024, June 5, 2024, June 19, 2024, June 26, 2024, July 5, 2024), the TSX Venture Exchange has granted the Company a 30-day extension to close this private placement.

The Company has closed 2 tranches of the private placement for gross proceeds of $366,400. In connection with the closing of the first and second tranches, the Company has issued 6,600,000 non-flow-through units (the "NFT Units") at a price of $0.05 per unit and 520,000 flow-through units (the "FT Units") at a price of $0.07 per Unit.

Each NFT Unit is comprised of one common share (a "Share") and one transferrable Share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") at a price of $0.07 per Warrant Share for a 36-month period after the Closing Date.

Each FT Unit is comprised of one common flow-through share (a "FT Share") and one transferrable non-flow-through share purchase warrant (a "NFT Warrant") of the Company. Each NFT Warrant will entitle the holder to purchase one additional non-flow-through share at a price of $0.10 per share for a 24-month period after the Closing Date.

All securities issued are subject to a statutory hold period of 4 months plus one day from the date of issuance in accordance with applicable securities legislation.

The financing, although conditionally approved by the TSX Venture Exchange (TSXV), is subject to final approval.

About Sky Gold Corp.

Sky Gold Corp. is a junior mineral exploration company engaged in acquiring and advancing mineral properties in Canada and the USA.

ON BEHALF OF THE BOARD

"Mike England"
Mike England, CEO & Director

FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770

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.

SOURCE: Sky Gold Corp.

View the original press release on accesswire.com

FAQ

How much has Sky Gold Corp. (SRKZF) raised in its recent private placement?

Sky Gold Corp. has raised gross proceeds of $366,400 from two tranches of its non-brokered private placement.

What is the price per unit for Sky Gold Corp.'s (SRKZF) non-flow-through and flow-through units?

Sky Gold Corp. is offering non-flow-through units at $0.05 per unit and flow-through units at $0.07 per unit.

What is the exercise price and term for Sky Gold Corp.'s (SRKZF) non-flow-through warrants?

The non-flow-through warrants have an exercise price of $0.07 per share and are valid for 36 months after the closing date.

How long is the statutory hold period for securities issued in Sky Gold Corp.'s (SRKZF) private placement?

All securities issued in the private placement are subject to a statutory hold period of 4 months plus one day from the date of issuance.