TORONTO, ONTARIO--(Marketwired - Aug. 30, 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 as a result of positive institutional and retail demand for its previously announced best-efforts private placement offering, the Company has amended the terms to increase the size of the offering from $3,000,000 to $3,700,500 (the "Upsized Offering").
Under the terms of the Upsized Offering, the Company has entered into an amended agreement with Haywood Securities Inc. ("Haywood" or the "Agent"), as sole agent and book-runner for the Company, pursuant to which Haywood has agreed to sell, on a best-efforts private placement basis, up to 24,670,000 units of the Company (the "Units") at a price of $0.15 per Unit (the "Issue Price"), for gross proceeds to the Company of $3,700,500. Each Unit will consist of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.25 for a period of 24 months from the closing of the Upsized Offering.
The Company has also granted Haywood an option, exercisable at any time, in whole or in part, up to 48 hours prior to the closing of the Upsized Offering, to sell up to an additional 15% of the number of Units issuable under the Upsized Offering on the same terms and conditions.
The net proceeds received by the Company from the Upsized Offering will be used for exploration on the Company's properties in North America and for working capital and general corporate purposes.
The Upsized Offering is expected to close on or about September 6, 2017 and is subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange. Units issued in the Upsized Offering will be subject to a four month hold in accordance with Canadian securities laws.
About Sable Resources
Sable owns the Toodoggone gold project comprising 66 square kilometres of mineral tenure and mining leases, including the past-producing Baker and Shasta mines, and the 250-ton-per-day Baker mill and tailings facility. The project is located in north-central British Columbia, Canada, and is road accessible.
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, receipt of all necessary regulatory approvals required in connection with the Upsized Offering, closing date of the Upsized Offering, completion of the Upsized Offering, use of proceeds, exercise of the Agent's option 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 Upsized 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.