Evergold Announces $3.5 Million Private Placement Financing

Nachrichtenquelle: globenewswire
26.08.2020, 13:00  |  399   |   |   

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

TORONTO, Aug. 26, 2020 (GLOBE NEWSWIRE) -- Evergold Corp. ("Evergold" or the "Company") (TSX-V: EVER) is pleased to announce a proposed non-brokered private placement financing (the “Offering”) for gross proceeds of up to $3,500,000, composed of hard dollar units (“HD Units”) at a price of $0.50 per Unit and flow-through shares (“FT Shares”) at a price of $0.70 per FT Share. Each HD Unit shall be composed of one common share in the capital of the Company (“Common Share”) and one-half of one Common Share purchase warrant (“Warrant”). Each whole Warrant shall entitle the holder to purchase one Common Share within 24 months from the date of issuance at a price of $0.60 per Common Share if exercised in the first 12 months and $0.70 per Common Share if exercised in the second 12 months. Each FT Share shall be composed of one Common Share issued on a flow-through basis within the meaning of the Income Tax Act (Canada) (the “Tax Act”).

“We welcome finders on this deal and believe we have strong developing prospects at both our flagship properties Snoball and Golden Lion, where we’ve recently executed Phase 1 drilling programs to good effect,” said Kevin Keough, President and CEO. “Now we wish to get underway on our Phase 2 work. At Snoball, as per our August 18 news release, we’re in the very early stages of unfolding a potentially very exciting, high-grade, gold-silver vein system discovery in the heart of the Golden Triangle. We need to get new pads built in September while the weather is reasonably good, so we can continue drilling. At Golden Lion, where drilling is still underway, we’re strongly encouraged by broad intercepts of epithermal style veining and alteration at the GL1 ‘Main’ zone, and the potential identified by our geophysical programs for nearby mineralized intrusions. If possible, we’d like to be drilling out into October at Golden Lion.”

Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the ''Exchange'') and applicable securities regulatory authorities. All securities issued and issuable pursuant to the Offering will be subject to a hold period of four months and one day after the date of issuance. In connection with the Offering, the Company may pay commissions to eligible persons in accordance with the policies of the Exchange.

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Evergold Announces $3.5 Million Private Placement Financing NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES TORONTO, Aug. 26, 2020 (GLOBE NEWSWIRE) - Evergold Corp. …

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