San Lorenzo arranges additional financing for up to $5M

Executive Summary

• San Lorenzo Gold Corp. has announced an additional proposed private placement of units to raise up to an additional $5 million, bringing the total potential proceeds from the previously announced offering to $20 million.
• The additional offering is priced at $2.64 per unit, consisting of one common share and one-half of a common share purchase warrant, with the full offering now fully subscribed.
• Proceeds will be used for exploration on the flagship Salvadora property in Chile and for general working capital.

Key Details

• Additional Offering Size: Up to $5 million in gross proceeds.
• Total Offering Size: The original offering was for up to $15 million; combined with the additional $5 million, the total potential gross proceeds are $20 million.
• Price Per Unit: $2.64 per unit for the additional tranche (previously announced tranche was priced at $2.51 per unit).
• Unit Composition: Each unit consists of one common share and one-half of a common share purchase warrant.
• Warrant Terms (Investors): Each full warrant entitles the holder to acquire one additional common share at an exercise price of $3.50. The warrants are exercisable for a period of one year from the date of closing.
• Broker/Finder Compensation: San Lorenzo may pay cash commissions or finders' fees up to 6% of gross proceeds, payable in warrants representing 6% of the common shares issued.
• Broker Warrant Terms: Each broker warrant entitles the holder to purchase one additional common share at an exercise price of $2.64 for a period of 12 months following closing.
• Subscription Status: The offerings are fully subscribed.
• Use of Proceeds: Continued exploration efforts on the Salvadora property and general working capital purposes, including offering expenses.
• Hold Period: Common shares, warrants, and broker warrants are subject to a four-month-and-one-day hold period.
• Regulatory Approval: Offerings remain subject to approval by the TSX Venture Exchange.
• Basis: The additional offering is to be completed on a best efforts basis.

Notable Quotes

• None provided in the text.