Sable Resources Closes $4.25 Million Private Placement
TORONTO, ONTARIO--(Marketwired - Sept. 8, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Sable Resources Ltd. (TSX VENTURE:SAE) ("Sable Resources" or the "Company") is pleased to announce that it has closed its previously announced private placement to raise gross proceeds of $4,105,575 (the "Brokered Offering"). The Offering was led by Haywood Securities Inc. (the "Agent") and included the exercise, in part, of the Agent's option. Concurrently with closing of the Brokered Offering, the Company also closed a non-brokered offering (the "Non-Brokered Offering" and together with the Brokered Offering, the "Offering") to raise gross proceeds of an additional $150,000, for combined aggregate gross proceeds of $4,255,575. The Offering was upsized from $3,000,000 on August 30, 2017 due to strong demand.
Pursuant to the Offering, the Company issued a total of 28,370,500 units (the "Units") at a price of $0.15 per Unit. Each Unit is comprised of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.25 until September 8, 2019.
The net proceeds received by the Company from the Offering will be used for exploration on the Company's properties in North America and for working capital and general corporate purposes.
In connection with the Offering, the Agent received a cash commission in an amount equal to 6.0% of the gross proceeds of the Offering (excluding proceeds from certain president's list subscribers, for which the cash commission was reduced to 3.0%) and was granted 1,572,230 common share purchase warrants (the "Broker Warrants") entitling the Agent to subscribe for 1,572,230 Common Shares, equal to 6.0% of the aggregate number of Units sold in the Offering (excluding Units sold to certain president's list subscribers, for which the Broker Warrants issuable were reduced to 3.0%). Each Broker Warrant is exercisable at a price equal to $0.15 until September 8, 2019.
All of the Units, including the underlying securities thereof, and the Broker Warrants, including the underlying securities thereof, issued in connection with the Offering will be subject to a four month and one day hold in accordance with Canadian securities laws. Securities of the Company sold in the Offering in the United States or to, or for the benefit of, U.S. persons constitute "restricted securities" under U.S. securities laws and, accordingly, are also subject to additional resale restrictions.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered (including all underlying securities thereof) have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and such securities may not be offered or sold within the United States, or to, or for the account or benefit of, U.S. persons, absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Sable Resources
Sable owns 142 square kilometers of mineral tenure and mining leases in the Toodoggone mining district, including the past-producing Baker and Shasta mines, and the 250-ton-per-day Baker mill and tailings facility.
Cautionary Statement on Forward-Looking Information
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, use of proceeds, and advancement of the Company's properties. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyses made by the Company's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Important factors that could cause actual results to differ from this forward-looking information include that fact that mineral exploration involves a high degree of risk and is highly speculative in nature, few properties that are explored are ultimately developed into producing mines, geological factors, the actual results and timing of current and proposed future exploration programs, changes in project parameters as plans continue to be evaluated, as well as those factors described under the heading "Risk Factors" in the Company's most recently filed management's discussion and analysis. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events, except as required by applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSX Venture Exchange ('TSXV') nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to purchase securities. The securities offered in the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.