Sage Closes Second Tranche of Private Placement
TORONTO, ONTARIO -- (Marketwire) -- 06/11/10 -- Sage Gold Inc. (TSX VENTURE: SGX) (the 'Company') announces that it has completed the closing of a second tranche of Units of the previously announced private placement for gross proceeds of $232,000.12. As a result, 1,054,546 common shares and 527,273 warrants were issued to investors in this second closing.
The Company has agreed to pay cash finder's fees of $16,000 and will issue a total of 76,363 broker warrants to finders under this second tranche. The broker warrants may be exercised to purchase one unit comprising one common share of the Company at a price of $0.22 per share plus one-half common share purchase warrant. Each whole warrant may be exercised to acquire one common share of the Company at $0.33 for a period of 2 years after the closing date.
The net proceeds of the offering will be used for the development and exploration of the Borealis Project in Nevada and the Clavos Project near Timmins, Ontario and for general corporate purposes.
The securities issued are subject to a four-month hold period which expires on October 12, 2010.
The closing of the private placement is subject to the Exchange's final acceptance, which is conditional upon receipt and acceptance of final documents from the Company, payment of the balance of the application fee, and such other information that the Exchange may require.
SAGE is a mineral exploration and development company which has primary interests in exploration properties in Ontario and Nevada. Its main properties are the recently optioned Borealis Gold project in Nevada, the Clavos Gold project in Timmins and its exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
This release was prepared by management of the Company who takes full responsibility for its contents.
This news release contains certain 'Forward-Looking Statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and 'Forward Looking Information' within the meaning of applicable Canadian securities legislation.Some forward looking statements and forward looking information contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Sage Gold Inc.
Nigel Lees
President and C.E.O
416-204-3170
416-260-2243 (FAX)
Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
416-204-3170
416-260-2243 (FAX)
www.sagegoldinc.com