Financings
St. Augustine Announces Closing of Private Placement
SAU · Price
Executive Summary
- St. Augustine Gold and Copper Limited closed a private placement raising $1,204,500 through the sale of 16.5 million units (each unit = 1 common share + 2 warrants).
- Each warrant allows subscription for one additional common share at $0.11 for up to five years, subject to development milestones.
- The sole subscriber was an entity controlled by director/officer Nicolaos Paraskevas; the transaction qualifies as a related‑party private placement under MI 61‑101 and fell below the 25% market‑cap valuation exemption threshold.
Key Details
- Units sold: 16,500,000 units (each unit = 1 common share + 2 warrants).
- Gross proceeds: $1,204,500.
- Warrant terms: Each warrant exercisable at $0.11 per share for a period of five years, contingent on achievement of specified development milestones.
- Share price implied: Approximately $0.073 per unit (based on total proceeds divided by units).
- Related‑party nature: Sole subscriber controlled by director/officer Nicolaos Paraskevas; transaction treated as related‑party under MI 61‑101.
- Regulatory compliance: Approved by non‑interested shareholders at a special meeting on 12 Sept 2025; exemption from valuation requirements applied because the dollar value is <25% of market capitalization.
- Use of proceeds: Not explicitly disclosed in the release (no specific allocation provided).
Notable Quotes
(No direct quotes were included in the press release.)