Evergold Opts to Close Off its Previously Announced Private Placement Financing at a Single Tranche, Pending Exploration News and a Subsequent Financing, to be Announced
TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, OTC: EVGUF, FRA: 5EG) (“Evergold” or the “Company”). As announced on
October 9, the Company had chosen to await initial assays from drilling this summer at the Company’s promising GL 1 Main target, located on the Golden Lion property in northern B.C., prior to
completing the second tranche of its previously announced (news, August 26 and 28) tranched private placement (the “Offering”). Following inordinate delays, in the past two weeks
assay results have begun to arrive with some regularity from the laboratory, and the release of drilling results from Golden Lion is now imminent. However, the TSX Venture Exchange (the
“Exchange”) advises that the time limit for closing of the second tranche has expired, and further extensions will not be granted. Accordingly, the Company has decided to file with
the Exchange formal closing documents for the August 26/28 financing, and shall instead announce in the very near future, a new financing in place of the previously anticipated second
The Offering consisted of the sale of 2,173,600 hard dollar units (“HD Unit”) to a fund and retail investors at a price of $0.50 per HD Unit for gross hard dollar proceeds of $1,086,800, plus the sale of 325,000 flow-through shares (“FT Shares”), all to retail investors, at a price of $0.60 per FT Share, for gross flow-through proceeds of $195,000. Gross proceeds, hard dollars and flow-through combined, amounted to $1,281,800.
All securities issued and issuable pursuant to the Offering are subject to a hold period of four months and one day from the date of issuance. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including approval of the Exchange and applicable securities regulatory authorities. In connection with the Offering, the Company has paid a commission of an aggregate of 89,852 common share purchase warrants (“Broker Warrants”) and $46,801 to eligible finders in accordance with the policies of the Exchange. Each whole Broker Warrant entitles 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.
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