Signature Resources closes C$3.4 million private placement for drilling

Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) completed a non-brokered private placement raising C$3,417,835 in gross proceeds, according to a company statement.

The offering comprised 23,000,000 charity flow-through units at C$0.077 each, 10,458,401 flow-through units at C$0.060 each, and 18,533,298 non-flow-through units at C$0.055 each. Each unit includes one common share and one-half of a warrant exercisable at C$0.10 per share for 12 months.

The placement was increased from an initially announced C$3,000,000 target to C$3,700,000 including a share-for-debt transaction. Company insiders acquired 37% of the offering by purchasing 6,250,067 flow-through units and 15,200,000 non-flow-through units.

The total offering results in the issuance of 58,358,095 common shares and 29,179,047 warrants. All securities are subject to a four-month statutory hold period.

"We are very pleased to announce the closing of this financing as it allows us to commence our 2025 diamond drilling program of approximately 3,000 metres," said J. Dan Denbow, President and CEO.

The company plans to allocate approximately two-thirds of net proceeds to exploration activities at its Lingman Lake Gold Project, including the 2025 drill campaign and core evaluation. The remaining one-third will support general working capital purposes.

Signature Resources operates the Lingman Lake gold deposit in Ontario's Red Lake district. The property spans approximately 24,821 hectares and contains an indicated resource of 95,200 ounces at 1.38 grams per tonne gold and inferred resources of 674,320 ounces at 1.14 grams per tonne gold.

The offering requires TSX Venture Exchange acceptance. Finder's fees total C$3,000 in cash and 50,000 broker warrants exercisable at C$0.06 per share for 24 months.

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