DENVER and VANCOUVER, British Columbia, Sept. 21, 2017 (GLOBE NEWSWIRE) -- Sandspring Resources Ltd. (TSX-V:SSP) (OTC:SSPXF) (“Sandspring” or the “Company”) announces a non-brokered private placement of 17,200,000 units (the “Units”) at a price of $0.35 per Unit for gross proceeds of up to $6 million dollars. Each Unit consists of one common share of the Company (“Share”) and one share purchase warrant entitling the holder to purchase one Share at $0.50 for a period of five years from the date of issuance (“Warrant”). A finder’s fee of up to 5% will be paid on a portion of the financing.
The Company intends to use the proceeds to undertake an exploration program on its Toroparu Gold Project in Guyana, South America, and for general working capital.
Completion of the private placement and the payment of the finder’s fee remain subject to the acceptance for filing of the TSX Venture Exchange. The securities issued by the Company in connection with this Offering are subject to a four-month “hold period” as prescribed by the TSX Venture Exchange and applicable securities laws.
On behalf of the Board of Directors of Sandspring Resources Ltd.
“Richard A. Munson”
Director and Chief Executive Officer
About Sandspring Resources Ltd.
Sandspring Resources Ltd. is a Canadian junior mining company currently moving toward a feasibility study for the multi-million-ounce Toroparu Project in Guyana, South America. A prefeasibility study completed in May 2013 (NI 43-101 Technical Report, Prefeasibility Study, Toroparu Gold Project, Upper Puruni River Area, Guyana, dated May 24, 2013 completed by SRK Consulting (U.S.), Inc., available on SEDAR at www.sedar.com) outlined the design of an open-pit mine producing more than 200,000 ounces of gold annually over an initial 16-year mine life. Sandspring and Wheaton Precious Metals (formerly known as Silver Wheaton) entered into a gold and silver purchase agreement for the Toroparu Project. Additional information is available at www.sandspringresources.com or by email at info@sandspringresources.com.
Contact Sandspring Resources
Richard A Munson
Chief Executive Officer
Tel: +1 (303)-991-5683 or via email at info@sandspringresources.com
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 adequacy or accuracy of this release.