EnviroGold Global Closes Second Tranche of Private Placement and Increases Size of Offering Due to Investor Interest

Rhea-AI Summary

EnviroGold Global (CSE: NVRO | OTCQB: ESGLF | FSE: YGK) has successfully closed the second tranche of its $1,000,000 non-brokered private placement. The company issued 2,240,000 units at $0.05 per unit, raising C$112,000. Each unit includes one common share and one warrant to purchase an additional share at $0.08 until April 30, 2026. Combined with the first tranche, EnviroGold has raised $842,000 in total. Due to sustained investor interest, the company has increased the offering size to $2.0 million. Proceeds will expedite the establishment of the NVRO Clean Leach Process demonstration facility in Brisbane, Australia, advance customer relationships, and cover general operating expenses. All securities are subject to a statutory hold period of four months and one day.

Positive

• Raised $842,000 in aggregate gross proceeds from the private placement.
• Increased the size of the offering to $2.0 million due to investor interest.
• Proceeds to be used for establishing the NVRO Clean Leach Process demonstration facility, advancing customer relationships, and covering general operating expenses.

Negative

• All issued securities are subject to a statutory hold period of four months and one day.

TORONTO, July 02, 2024 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE: NVRO | OTCQB: ESGLF | FSE: YGK) (“EnviroGold,” or the “Company”), a technology company enabling the global mining industry to monetize valuable metals contained in mine waste and tailings, reduce environmental liabilities and improve social and environmental outcomes, is pleased to announce that it has closed the second tranche of a $1,000,000 non-brokered private placement (the “Offering”). The second tranche of the Offering consisted of 2,240,000 units of the Company (the “Units”) issued at a price of $0.05 per Unit for aggregate proceeds of C$112,000. Each Unit consists of one common share (each a “Common Share”) and one warrant exercisable to acquire one additional Common Share at a price of $0.08 until April 30, 2026.

Together with the Company’s closing of the first tranche of the Offering, the Company has raised aggregate gross proceeds of $842,000. The Company is also pleased to advise that it has increased the size of the Offering to $2.0 million as result of continued investor interest in the Company. The remainder of the Offering may close in one or more tranches, at the discretion of the Company.

The proceeds from the Offering will be used to accelerate the establishment of the NVRO Clean Leach Process demonstration facility in Brisbane, Australia, to advance customer relationships, and for general operating expenses.

All securities issued in connection with the Offering are subject to a statutory hold period of four months and a day from issuance pursuant to applicable securities laws of Canada. No finder’s fees were paid on the second tranche of the Offering.

About EnviroGold Global

EnviroGold Global is a technology company enabling the global mining industry to monetise valuable metals from mine waste and tailings and reduce environmental liabilities. EnviroGold’s patented proprietary technology is at the leading edge of demand for precious and critical metals and greater social demand for better environmental outcomes. The Company operates on a technology license fee model with low capex requirements and intends to establish itself as a leading global technology company focussed on shareholder value.

Contact
Mr. David Cam, CEO
Telephone: +1 416 842 9003
Email: ir@EnviroGoldGlobal.com

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable securities laws, including, without limitation, earnings guidance, economic guidance, operational guidance and future capital spending amounts. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements pertaining to the use of funds from the Offering and the anticipated closing date of any additional tranches of the Offering, and the Company’s ability to accelerate the world’s transition to a circular resource economy. Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the continued commercial viability and growth in the clean technology and mining waste reprocessing industry; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; the continued development of clean technology and mining waste reprocessing technology; and the continued growth of the Company. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the Company’s inability to accelerate the world’s transition to a circular resource economy, the risks associated with assessing metallurgical recovery rates from mine tailings and waste and related volumetric assessments, the risks associated with the mining and mining waste recycling industry in general; increased competition in the clean technology and waste reprocessing market; the potential unviability of the clean technology and mining waste reprocessing market; incorrect assessment of the value and potential benefits of various transactions; risks associated with potential governmental and/or regulatory action with respect to clean technology and mining waste reprocessing; risks associated with a potential collapse in the value of clean technology and waste reprocessing; and risks relating to the Company’s potential inability to expand its reprocessing pipeline. 

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law. 

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

FAQ

What is the significance of the second tranche closure for ESGLF?

The second tranche closure of EnviroGold's private placement raised C$112,000 and brought the total funds raised to $842,000.

How much did EnviroGold raise in the second tranche of the private placement?

EnviroGold raised C$112,000 in the second tranche of its private placement.

What is the new offering size announced by EnviroGold for ESGLF?

EnviroGold has increased the offering size to $2.0 million due to continued investor interest.

What will the proceeds from EnviroGold's private placement be used for?

The proceeds will be used to establish the NVRO Clean Leach Process demonstration facility, advance customer relationships, and cover general operating expenses.

When is the expiration date for the warrants issued in EnviroGold's private placement?

The warrants issued in EnviroGold's private placement are exercisable until April 30, 2026.