Sable Resources increases financing to $9-million
2020-08-17 08:19 ET - News Release
Mr. Ruben Padilla reports
SABLE PRIVATE PLACEMENT OVER-SUBSCRIBED AND UPSIZED TO C$9 MILLION
Further to its press release of Aug. 13, 2020, due to significant interest in the private placement, Sable Resources Ltd. has agreed with Sprott Capital Partners LP as lead agent on behalf of a syndicate of one or more additional agents to increase the size of the best efforts private placement financing up to 60 million units of the corporation at a price of 15 cents per unit for aggregate gross proceeds of up to $9-million. Each Unit will consist of one common share of the Company (a "Common Share") and one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$0.20 for a period of 36 months from the date of issuance thereof. All other terms of the offering remain the same.
"With our recent work defining a large footprint of high-grade mineralisation at El Fierro, this strong interest from both institutional and retail investors firmly supports our decision to advance aggressively to drill phase at this project," stated Ruben Padilla, President & CEO, who added, "These additional funds will also allow us to fast track our adjacent large scale vein projects in San Juan, Argentina, one South America's most highly-rated mining jurisdictions."
The Upsized Offering is expected to close on or about September 10, 2020, and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The securities issued under the Offering will be subject to a four month hold period from the date of issue in accordance with applicable securities laws. Insiders of the Company may subscribe for Units in the Offering.
ABOUT SABLE RESOURCES LTD.
Sable is a well-funded junior grassroots explorer focused on the discovery of new precious metal projects through systematic exploration in endowed terranes located in favorable, established mining jurisdictions. Sable's main focus is developing its large portfolio of new greenfields projects to resource stage utilizing their Upper Level Epithermal Strategy. Sable is actively exploring the San Juan Regional Prograchm (68,718ha) incorporating the Don Julio Project and the El Fierro Project in San Juan Province, Argentina; the Mexico Regional Program (1.16Mha in application, 39,000ha titled) incorporating the Margarita, Vinata and El Escarpe projects; and the Scorpius Project in Ayacucho, Peru.
We seek Safe Harbor.
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