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Financings

South Atlantic Gold closes financing, settles debt

By The Northwire Desk — AI Analysis Mar 13, 2026 · 18:59 SAO · 0.08 South Atlantic Gold Inc.
SAO · Price

Executive Summary

  • South Atlantic Gold Inc. has closed a non-brokered private placement raising gross proceeds of $4.2 million.
  • The company also settled $500,000 of debt owed to a non-arm's-length lender by issuing 10 million shares.
  • Proceeds from the private placement are designated for advancing the Pedra Branca project in Brazil and for general corporate purposes.

Key Details

  • Private Placement Closing: Gross proceeds of $4.2 million raised from the issuance of 84 million common shares at a price of $0.05 per share.
  • Finder’s Fees and Compensation:
    • Cash fees of $43,475 paid on externally sourced funds.
    • Issuance of 4,167,500 shares to finders at a deemed price of $0.05 per share.
    • Issuance of 5,037,000 non-transferable finders warrants, each exercisable for one share at $0.065 until March 13, 2028.
  • Hold Periods: Shares issued in the private placement, finders' warrants, and finders' shares are subject to a four-month-and-one-day hold period expiring on July 14, 2026.
  • Insider Participation: Insiders participated in the private placement, acquiring an aggregate of 2.05 million shares. This is classified as a related party transaction exempt from shareholder approval and formal valuation requirements under Multilateral Instrument 61-101, as the value does not exceed 25% of the company's market capitalization.
  • Debt Settlement: The company settled $500,000 of debt owed to a non-arm's-length lender (related party) by issuing 10 million shares at a deemed price of $0.05 per share.
  • Debt Settlement Hold Period: The shares issued for debt settlement are subject to a four-month-and-one-day hold period expiring on July 14, 2026.
  • Use of Proceeds: Funds will be used to advance the Pedra Branca project in Brazil and for general corporate purposes.
  • Regulatory Exemptions: Both the insider participation and the debt settlement rely on exemptions from formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101.
Read the original news release →

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Financings