Savary Gold Corp. (TSXV:SCA) announced a non-brokered private placement of 33,333,333 common shares at a price of CAD 0.06 per share for gross proceeds of CAD 1,999,999.98 on January 29, 2018. The transaction will involve participation from new investor, SEMAFO Inc. (TSX:SMF) for a stake of 15.5% in the company. Pursuant to the subscription agreement between SEMAFO Inc. (TSX:SMF) shall have rights to join the board of directors of the company. SEMAFO Inc. (TSX:SMF) shall keep this right as long as it continues to hold no less than 10% of the company issued and outstanding shares on a non-diluted basis. he securities issued in the transaction are subject to four-month hold period. The closing of the transaction is subject to number of conditions, including without limitation, the finalization and receipt of definitive subscription documentation and receipt of all regulatory approvals, including approval of the TSX Venture Exchange.