VANCOUVER, BC, Aug. 3, 2023
/CNW/ - SAGE POTASH CORP. (TSXV: SAGE) (OTCQB: SGPTF)
("Sage" or the "Company") has closed its non-brokered private
placement (the "Offering") of 4,694,505 units (each an "Unit") for
gross proceeds of $1,502,241.60. Each Unit consists of one
common share in the capital of the Company (each a "Share") and
half of a common share purchase warrant (each a "Warrant"). Each
whole Warrant entitles the holder to buy one Share for $0.50 during the two years following the
warrant's issuance date.
The Company has paid finder's fees in aggregate of $94,179.20 cash and 294,310 warrants (each a
"Broker Warrant"). Each Broker Warrant entitles the holder to buy
one Share for $0.32 during the two
years following the warrant's issuance date.
The proceeds of the private placement will be used to fund the
exploration of Company's mineral properties and for general working
capital. All securities issued under the private placement,
including Broker Warrants, will have a four-month hold.
An Insider of the Company has purchased 50,000 Units, and such
subscription is considered a "related party transaction"
within the meaning of Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The issuance to the Insider is
exempt from the valuation requirement of MI 61-101 by virtue of the
exemption contained in section 5.5(b), as the Company's shares are
not listed on a specified market, and from the minority shareholder
approval requirements of MI 61-101 by virtue of the exemption
contained in section 5.7(a) of MI 61-101 in that the fair market
value of the consideration of the securities issued to the related
party did not exceed 25% of the Company's market capitalization.
The Company did not file a material change report more than 21 days
before the expected closing of the Offering as the participation of
related party was not settled until shortly before closing.
About Sage Potash Corp.
Sage Potash is a Canadian company
vested solely in the Sage Plain Property and intends through
sustainable solution mining techniques to become a prominent
domestic potash producer within the Paradox Basin situated in
Utah. For further information,
please refer to the Company's disclosure record on SEDAR
(www.sedar.com) or contact the Company by email at
info@sagepotash.com.
Neither the 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. This news release may contain
"forward-looking statements", which are statements about the future
based on current expectations or beliefs. For this purpose,
statements of historical fact may be deemed to be forward-looking
statements. Forward–looking statements by their nature involve
risks and uncertainties, and there can be no assurance that such
statements will prove to be accurate or true. Investors should not
place undue reliance on forward-looking statements. The Company
does not undertake any obligation to update forward-looking
statements except as required by law.
SOURCE Sage Potash Corp.