San Lorenzo Gold Announces Final Closing of Private Placement and Amended Advisory Engagement Agreement

Executive Summary

• Completed the second and final closing of an upsized private placement, issuing 5,567,193 units for gross proceeds of $3,451,659.66, bringing total raised to $5,999,999.78.
• Units consist of one common share and half a warrant; each full warrant allows purchase at $0.80 per share for two years. Broker warrants also issued (15,862) at $0.80 for one year.
• Entered into an amended advisory engagement with Argonaut Corporate Finance, granting 1,000,000 stock options at $0.80 exercise price for two years in lieu of advisory warrants.

Key Details

• Final Closing Proceeds: $3,451,659.66 (total offering proceeds $5,999,999.78).
• Units Issued: 5,567,193 units; each unit = 1 common share + ½ warrant.
• Warrant Terms: Full warrant exercisable at $0.80 per share for 2 years from issuance; subject to acceleration provisions.
• Broker Warrants: 15,862 warrants issued; each allows purchase of one common share at $0.80 for 1 year.
• Commission Paid: Cash commissions of $179,408.90 paid in connection with the final closing.
• Use of Proceeds: Continue exploration on the flagship Salvadora property (Chile) and general working capital, including offering expenses.
• Holding Period: Common shares, warrants, and broker warrants subject to a four‑month plus one‑day hold period.
• Exchange Approval: Offering remains subject to final acceptance by the TSX Venture Exchange.
• Advisory Agreement Amendment: Argonaut Corporate Finance Limited receives 1,000,000 stock options (exercise price $0.80, two‑year term) replacing previously contemplated advisory warrants; also subject to exchange approval.

Notable Quotes

(No direct quotes were provided in the release.)