EnGold Closes Non-Brokered Flow-Through Financing

Rhea-AI Summary

EnGold Mines (TSXV: EGM) has successfully closed a non-brokered private placement of 4,000,000 flow-through units at $0.08 per unit, raising $320,000 in gross proceeds. Each unit comprises one flow-through common share and a two-year warrant to purchase one non-flow-through common share at $0.10. The company paid $8,400 in finders' fees and issued 105,000 finders' warrants. Proceeds will fund exploration of EnGold's 100% owned Lac La Hache Copper-Gold Property in BC's southern Cariboo region. The exploration expenses will qualify as critical mineral flow-through mining expenditures.

Positive

• Raised $320,000 in gross proceeds through flow-through financing
• Exploration costs qualify as critical mineral flow-through mining expenditures
• Fully permitted 100% ownership of Lac La Hache Copper-Gold Property

Negative

• Potential dilution of existing shareholders due to issuance of new shares and warrants
• Incurred $8,400 in finders' fees and issued 105,000 finders' warrants

News Market Reaction – GWRRF

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Vancouver, British Columbia--(Newsfile Corp. - July 26, 2024) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that the Company has closed an insider-lead non-brokered private placement of 4,000,000 flow-through units at a price of $0.08 per unit (the "Units") for gross proceeds of $320,000 (the "Financing"). The Units consist of one flow-through common share and one two-year warrant to purchase one non-flow-through common share at a price of $0.10 per share. Finders' fees of $8,400 in cash were paid and 105,000 finders' warrants were issued in connection with the Financing. Each finders' warrant entitles the holder to acquire on common share at $0.10 per share for two years.

Proceeds of the Financing will be used to explore the Company's 100% owned, fully permitted Lac La Hache Copper-Gold Property in the southern Cariboo region of BC. The exploration costs incurred as a result of the Financing will qualify as critical mineral flow-through mining expenditures.

About EnGold

EnGold is a Vancouver-based copper, gold, silver, and magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit, and the G1 Copper Deposit and other targets within a large porphyry mineralizing system. With world-class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.

EnGold Mines Ltd.

David Brett

President & CEO

For further info contact David Brett, 604-682-2421 or david@engold.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217995

FAQ

How much did EnGold Mines (GWRRF) raise in its recent flow-through financing?

EnGold Mines raised $320,000 in gross proceeds through its recent non-brokered flow-through financing.

What is the price per unit for EnGold Mines' (GWRRF) flow-through financing?

The price per unit for EnGold Mines' flow-through financing was $0.08.

What will EnGold Mines (GWRRF) use the proceeds from the financing for?

EnGold Mines will use the proceeds to explore its 100% owned Lac La Hache Copper-Gold Property in the southern Cariboo region of BC.

What type of warrants were included in EnGold Mines' (GWRRF) flow-through units?

Each flow-through unit included a two-year warrant to purchase one non-flow-through common share at a price of $0.10 per share.