VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 13, 2012) - SnipGold Corp. (TSX VENTURE:SGG) ("SnipGold" or the "Company") (formerly Skyline Gold Corporation) announces an amendment to the closing of the Share Rights Offering with additional proceeds of $12,500 for total gross proceeds of $1,646,442. Insider participation in the Rights Offering totaled just over $877,000.
Pursuant to the exercise of Rights, the Company issued:
- 2,195,256 common shares entitling holders to flow-through benefits;
- 1,097,628 non-transferable warrants, each exercisable until September 4, 2012 to purchase one additional flow-through common share for $0.75; and
- 1,097,628 transferable warrants, each exercisable until July 6, 2014 to purchase one non-flow-through common share for $1.25, subject to acceleration. Details of the terms of the issued securities are contained in the Company's final prospectus dated June 6, 2012, which is available on SEDAR at www.sedar.com.
Upon closing of the financing, the Company's directors and senior management hold 20,471,399 common shares which represent 16% of the total issued and outstanding common shares of the Company and 4,620,881 warrants which represent 33% of the total issued and outstanding common share purchase warrants.
SnipGold Corp. is an exploration company focused on the exploration and expansion of gold resources in northwestern British Columbia. SnipGold's board and management have significant experience in both the discovery and development of gold projects in this area.
On Behalf of the Board of Directors
John Zbeetnoff, Chief Executive Officer