en.Wedoany.com Reported - Signature Resources Ltd. (TSXV: SGU; OTCQB: SGGTF; FSE: 3S30) has announced a non-brokered private placement, planning to issue flow-through units (FT Units) and non-flow-through units (NFT Units), with total gross proceeds of up to CAD 600,000. The company expects insiders to subscribe for at least 15% of the offering.
Each FT Unit is priced at CAD 0.045 and consists of one common share and one-half common share purchase warrant. The common share will be issued as a "flow-through share" as defined in subsection 66(15) of the Canadian Income Tax Act. Each whole warrant entitles the holder to purchase one additional common share at a price of CAD 0.08 per share for a period of 12 months from the date of issuance. Each NFT Unit is priced at CAD 0.04 and also consists of one common share and one-half warrant, with the same warrant terms as the FT Units.
All securities issued under this offering will be subject to a four-month hold period in accordance with applicable securities laws and TSX Venture Exchange (TSXV) policies. Warrant shares do not qualify as flow-through shares.
The net proceeds from this offering will be used for field exploration programs, including mapping and sampling of regional targets, metallurgical test work, and general working capital. The company intends to pay finder's fees in accordance with TSXV policies, but proceeds will not be used for investor relations services.
Signature Resources is a Canada-based advanced exploration company focused on developing the Lingman Lake gold deposit located in the Red Lake region of northwestern Ontario. The property covers approximately 23,033 hectares and includes the historically known Lingman Lake gold mine, which features a 126.5-meter deep shaft and three levels. Over 43,222 meters of drilling and four 500-pound bulk samples have been completed on the property, with an average grade of 19 grams of gold per tonne. On May 31, 2025, the company released a report titled "NI 43-101 Technical Report on the Lingman Lake Property," prepared by Gehard Kiessling (P. Geo.), Farshid Ghazanfari (P. Geo.), Marin Drennan (P. Eng.), Cameron Finlayson, and Jeff Plate (CFA, P. Geo.) of Watts, Griffis and McOuat Geological and Mining Consultants. The report indicates indicated mineral resources of 2.145 million tonnes at a grade of 1.38 g/t gold, approximately 95,200 ounces; and inferred mineral resources of 18.398 million tonnes at an average grade of 1.14 g/t gold, approximately 674,320 ounces, with a cut-off grade of 0.30 g/t. The company is using its own diamond drill rig to expand the known mineralization. In November 2023, Wataynikaneyap Power installed a 115 kV high-voltage transmission line within 40 kilometers of the historic mine site.
