San Lorenzo closes $3.45M final tranche of financing

Executive Summary

• San Lorenzo Gold Corp. completed the final closing of its upsized private placement, issuing 5,567,193 units for gross proceeds of $3,451,659.66, bringing the total capital raised to nearly $6 million.
• The company entered into an amended advisory engagement agreement with Argonaut Corporate Finance Ltd., replacing previously issuable advisory warrants with 1,000,000 stock options.
• Proceeds will fund exploration on the Salvadora property in Chile and general working capital, with shares and warrants subject to a four-month-and-one-day hold period pending TSX Venture Exchange acceptance.

Key Details

• Final Closing Proceeds: Issued 5,567,193 units for gross proceeds of $3,451,659.66.
• Total Capital Raised: The upsized private placement total is now $5,999,999.78.
• Unit Structure: Each unit consists of one common share and one-half of a share purchase warrant.
• Warrant Terms (Investors): Each full warrant allows acquisition of one common share at $0.80 per share for a period of two years from issuance, subject to acceleration.
• Broker Compensation: Paid cash commissions totaling $179,408.90 and issued 15,862 broker warrants.
• Broker Warrant Terms: Each broker warrant entitles the holder to acquire a common share at $0.80 per share for a period of one year from issuance.
• Use of Proceeds: Continued exploration on the flagship Salvadora property (Chile) and general working capital, including offering expenses.
• Hold Period: Common shares, warrants, and broker warrants are subject to a four-month-and-one-day hold period.
• Regulatory Status: Offering remains subject to final acceptance by the TSX Venture Exchange.
• Advisory Agreement Amendment: Entered into an amended agreement with Argonaut Corporate Finance Ltd.
• Option Grant to Advisor: Granted 1,000,000 stock options to Argonaut Corporate Finance Ltd. under the company's stock option plan.
• Option Terms: Exercisable at $0.80 per share for a period of two years; issued in lieu of advisory warrants previously payable under the agreement.

Notable Quotes

• None provided in the text.