Signature Resources announces financing and launch of 2024 field programs in NWO
Signature Resources Ltd. is offering a non-brokered private placement of flow-through shares and non-flow-through shares for gross proceeds of up to C$1,000,000. Over half of the offering is expected to be subscribed for by members of the company's board of directors and management.
Each FT Share is being offered at C$0.05 per share and each NFT Share is being offered at a price of $0.045 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 the 2024 drilling program and general working capital purposes. It is expected that ten percent of the proceeds will be used for general working capital purposes with the remainder spent on the drilling program. None of the proceeds will be used for payments to non-arm's length parties or for investor relations service providers.
Field Programs Commence
The Company has commenced its 2024 field program that will focus on: 1) mapping historical activity at the site, 2) structural mapping, 3) locating proposed drill locations and reviewing any structural outcroppings that might better locate and design proposed drill holes. This activity is scheduled to take 30 days and will put Signature in the position to begin its 2024 drill program in mid June. This drill program is designed to most efficiently use our exploration funds to enrich our understanding and knowledge of the Lingman Lake Project with the goal of publishing a maiden NI 43-101 in the spring of 2025.
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/).
Tags: Northern Ontario / Press Releases / Gold / All Articles