Sage Closes Private Placement
TORONTO, ONTARIO -- (Marketwire) -- 07/21/10 -- Sage Gold Inc. (TSX VENTURE: SGX) (the 'Company') announces that it has completed a further closing of 1,011,818 Units at $0.22 per unit for gross proceeds of $222,600. As a result, 1,011,818 common shares and 505,909 warrants were issued to investors in this third closing.
Further to the conditional acceptance obtained, the Company has completed 3 closings for this private placement. To date, gross proceeds of $1,016,260 were raised through the issuance of 4,619,364 Units (excluding warrants issued in partial payment of finder's fees in connection with the financing).
All securities issued in connection with this financing will be subject to a four-month hold period from 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.
Although the TSX Venture Exchange has conditionally approved this private placement, all closings of this private placement are subject to final acceptance from the Exchange.
SAGE is a mineral exploration and development company which has primary interests in exploration and development properties in Nevada and Ontario. Its main properties are the recently optioned Borealis Gold Property in Nevada and the Clavos Gold property 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