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The latest update is out from South Atlantic Gold ( (TSE:SAO) ).
South Atlantic Gold Inc. plans to raise up to C$4 million through a non-brokered private placement of up to 80 million common shares at C$0.05, with proceeds earmarked to advance its Pedra Branca Project in Brazil and for general corporate purposes. Insiders are expected to participate under MI 61-101 exemptions, and the financing remains subject to TSX Venture Exchange approval, with all securities carrying a four-month-plus-one-day hold period.
The company will also settle C$500,000 of related-party debt via the issuance of 10 million shares at a deemed price of C$0.05, a move the board says will conserve cash for working capital and improve the balance sheet. The debt settlement, also governed by MI 61-101 related-party transaction rules and subject to exchange approval, further aligns insider creditors with equity holders as the company advances its Brazilian exploration activities.
More about South Atlantic Gold
South Atlantic Gold Inc. is a Vancouver-based exploration company focused on acquiring and advancing mineral properties in the Americas. Its primary asset is the Pedra Branca gold project in Brazil, reflecting a strategic focus on early-stage resource development within the regional gold mining sector.
Average Trading Volume: 178,541
Technical Sentiment Signal: Buy
Current Market Cap: C$7.68M
See more data about SAO stock on TipRanks’ Stock Analysis page.