Signature Resources Announces Upsizing and Closing of Oversubscribed Private Placement

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TORONTO, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Signature Resources Ltd. (TSXV: SGU, OTCQB: SGGTF, FSE 3S3) ("Signature" or the "Company") is pleased to announce that his has closed its non-brokered private placement previously announced on November 9, 2020 and November 24, 2020 (the "Offering), which has been upsized to $2,000,000. The Company closed the Offering effective December 4, 2020 by issuing 22,847,201 hard dollar units ("HD Units") at a price of $0.05 per HD Unit and 14,293,999 flow-through units ("FT Units") at a price of $0.06 per FT Unit.

	“We are thrilled with the results of our financing, and are very happy to welcome a number of new strategic investors to Signature! As a result of our successful financing, we are deploying resources on multiple fronts. RFP’s for a reputable third-party resource group have been sent, as well as the purchase and refurbishment of equipment that is currently being sent to site. The intention is to establish additional infrastructure that will be used for this winter’s drill campaign and beyond to capture economies of scale. With the anticipated success of this winter’s program, we hope to be in a position to announce a more aggressive drilling campaign for the spring/summer. We will provide an exploration update shortly once the final budgets have been approved.”
	Robert Vallis, P.Eng, MBA – President & CEO, Director

Each HD Unit issued pursuant to the Offering, consists of one common share of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each FT Unit consists of one common share of the Company issued on a flow-through basis ("FT Share") and one half of one (1/2) Warrant. Each whole Warrant issued will be exercisable into one Common Share at a price of $0.10 until December 4, 2021. The FT Shares will qualify as “flow-through shares” (within the meaning of the Income Tax Act (Canada)).

In connection with the Offering, the Company paid aggregate cash finder's fees of $43,481 and issued 832,557 finder's warrants (each, a "Finder's Warrant"). Each Finder's Warrant is exercisable to acquire one Common Share at a price of $0.05 (for Finder's Warrants issued pursuant to the sale of HD Units) and $0.06 (for Finder's Warrants issued pursuant to the sale of FT Units) for a period of 12 months following closing of the Offering.