TORONTO, ONTARIO--(Marketwired - Aug. 30, 2017) - 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.
