On closing, Sego will issue 5,000,000 units at
In addition to closing the first tranche of the financing, Sego is pleased to announce that it recently received a BC Mineral Exploration Tax Credit refund of
Each unit of the financing will consist of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder to purchase an additional common share at
The proceeds will be used for general working capital. The Company fully expects to spend the funds as stated, however, there may be circumstances, for sound business reasons, where a reallocation of funds may be necessary.
Finder's fees will be payable on a portion of the private placement and will consist of 7% cash and 7% broker warrants. Each broker warrant will entitle the holder to purchase one common share at
Insiders of the Company subscribed for 1,720,000 of the 5,000,000 units, with CEO J Paul Stevenson subscribing for 750,000 units,
As a result, the private placement is a related-party transaction (as defined under Multilateral Instrument 61-101 'Protection of Minority Security Holders in Special Transactions'). The Company relied upon Section 5.5 (a) 'Fair Market Value Not More Than
Contact:
Tel: (604) 682-2933
This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statement of historical facts that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects re forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements.
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