Sojourn Ventures Inc. (“Sojourn”) is pleased to announce that it has increased the size of the private placement (the “Placement”) described in its press release of June 14, 2017 from $1,000,000 to up to $1,500,000.
The Placement is a non-brokered private placement of units at a price of $0.15 per unit. Each unit will consist of one common share and one share purchase warrant entitling the holder to acquire an additional share for a price of $0.25 per share for a period of two years from closing, Sojourn may accelerate the expiry date of the warrants if the closing price of its common shares on the TSX Venture Exchange (the “TSXV”) is equal to or greater than $0.40 per share for a period of 10 consecutive trading days.
Sojourn intends to use proceeds of the Placement for exploration work on the Willoughby and Oweegee properties (see Sojourn’s June 14, 2017 press release), and for general administrative purposes. Sojourn may pay finder’s fees to arm’s length finders in connection with the Placement.
Shares sold pursuant to the Placement will be subject to a four month resale hold under applicable Canadian securities laws.
Trading in Sojourn’s common shares on the TSX Venture Exchange remains halted pending approval of the Placement and other transactions described in Sojourn’s June 14, 2017 press release.
On behalf of the Board of Directors,
Tim Henneberry, Interim Chief Executive Officer and President and Director
For further information please contact:
Telephone: (250) 743-8228
R. Tim Henneberry, P.Geo., Interim President, CEO and Director of Sojourn Exploration Inc. and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.
This news release contains statements about Sojourn’s expectations regarding the Option Agreements, Placement and potential future financing of Sojourn that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although Sojourn believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the results of Sojourn’s Year 1 exploration activities on the Oweegee and Willoughby Properties. The forward-looking statements contained in this news release are made as of the date hereof, and Sojourn undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.