San Lorenzo closes $19.99-million in private placements

Executive Summary

• San Lorenzo Gold Corp. has closed its previously announced private placements, raising aggregate gross proceeds of approximately $20 million.
• The financing consisted of two tranches: a primary tranche of ~$15 million and an additional tranche of ~$5 million, bringing total gross proceeds to $19,999,997.41.
• Proceeds are designated for continued exploration on the flagship Salvadora property in Chile and for general working capital.

Key Details

• Aggregate Gross Proceeds: $19,999,997.41
• Tranche 1 Details:
  • Units Issued: 5,976,095
  • Price Per Unit: $2.51
  • Gross Proceeds: $14,999,998.45
• Tranche 2 Details:
  • Units Issued: 1,893,939
  • Price Per Unit: $2.64
  • Gross Proceeds: $4,999,998.96
• Security Structure:
  • Each unit consists of one common share and one-half of a share purchase warrant.
  • Full Warrant Terms: Entitles holder to acquire one common share at $3.50 per share for a period of one year from issuance.
• Broker Compensation & Warrants:
  • Initial Offering: Cash compensation of $709,199.87 and issuance of 282,549 broker warrants (exercise price $2.51, term one year).
  • Additional Offering: Cash compensation of $236,399.96 and issuance of 89,545 broker warrants (exercise price $2.64, term one year).
• Use of Proceeds: Continued exploration on the Salvadora property (Chile) and general working capital, including offering expenses.
• Regulatory/Restrictions:
  • Hold Period: Four months and one day for common shares, warrants, and broker warrants.
  • Status: Subject to final acceptance by the TSX Venture Exchange.

Notable Quotes

• None provided in the text.