E2Gold Closes $381,500 Financing

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E2Gold Inc. (ETU) Successfully Closes Private Placement, Raises $381,500 for Hawkins Project

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

TORONTO, ON / ACCESSWIRE / December 20, 2023 / E2Gold Inc. (TSXV:ETU)(OTCQB:ETUGF) (the "Company" or "E2") is pleased to announce that it closed its previously announced private placement (the "Offering") pursuant to which it
has issued an aggregate of 12,716,666 units ("Units") at a price of $0.03 per Unit, to raise aggregate gross proceeds of $381,500.

Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"); with each whole Warrant exercisable to acquire one additional Common Share at a price of $0.05 for a period of 24 months from the date of issuance thereof.

All securities issued and issuable pursuant to the Offering are subject to a statutory hold period expiring April 21, 2024. The Offering remains subject to the final approval of the TSX Venture Exchange. The Company intends to apply the gross proceeds from the Offering towards the exploration of its Hawkins project.

Insiders of the Company have received an aggregate of 783,333 common shares in connection with the issuance. All securities to be issued would be subject to a statutory hold period expiring four months and one day following the date of issuance. The issuance remains subject to the approval of the TSX Venture Exchange.

The Offering constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.

ABOUT E2GOLD INC.
E2Gold Inc. is a Canadian gold exploration company with a large flagship property, the 80 km long Hawkins Gold Project in north-central Ontario, about 140 km east of the Hemlo Gold Mine, and 75 km north of the Magino and Island Gold Mines. The property is anchored by the McKinnon Zone Inferred Resource of 6.2 Mt grading 1.65 Au g/t, for 328,800 ounces of gold.¹ E2Gold is committed to increasing shareholder value through discoveries at Hawkins.

Note 1: NI 43-101 Technical Report and Updated Mineral Resource Estimate on Hawkins Gold Project, Ontario, by P&E Mining Consultants, effective date September 10, 2020.

For further information please contact:

Jeff Pritchard
Investor Relations
info@e2gold.ca
+1 647 699 3340

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of E2Gold, including with respect to the receipt of all regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

SOURCE: E2Gold Inc.

View the original press release on accesswire.com

FAQ

What is the recent announcement from E2Gold Inc. (ETU)?

E2Gold Inc. (ETU) has successfully closed a private placement, raising $381,500 for its Hawkins project.

How many units were issued in the private placement?

The company issued an aggregate of 12,716,666 units at a price of $0.03 per unit.

What is included in each unit?

Each unit consists of one common share of the company and one common share purchase warrant.

What is the exercise price for the warrants?

The warrants are exercisable to acquire one additional common share at a price of $0.05 for a period of 24 months from the date of issuance.

What is the intended use of the gross proceeds from the offering?

The company intends to apply the gross proceeds from the offering towards the exploration of its Hawkins project.

Who received common shares as insiders of the company?

Insiders of the company have received an aggregate of 783,333 common shares in connection with the issuance.

What is the hold period for the securities issued in the offering?

All securities issued and issuable pursuant to the offering are subject to a statutory hold period expiring April 21, 2024.