EnviroGold Global Closes $2.15M Financing

TORONTO, June 05, 2023 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE: NVRO | OTCQB: ESGLF | FSE: YGK) (“EnviroGold Global” or the “Company”), a Clean Technology Company accelerating the world’s transition to a circular-resource economy, is pleased to announce that further to the news release dated May 29, 2023, it has closed a non-brokered private placement of unsecured convertible notes (the “Notes”) with two investor groups to raise gross proceeds of $2.15M (the “Financing”).

The Notes will mature twenty-four (24) months from the date of issuance (the “Maturity Date”) and bear interest at the rate of 8.0% per annum, calculated as simple interest accrued monthly in arrears. Pursuant to the terms of the Notes, the subscribers may at any time prior to the Maturity Date convert the principal amounts of the Notes into common shares of the Company (“Common Shares”), at a price of $0.25 per Common Share. The accrued and unpaid interest shall be payable in Common Shares at the average closing price on CSE for the 20 trading days immediately prior to the date of conversion.

Proceeds from the Financing will be used to provide additional working capital and fund additional expenses of the Company.

All securities issued in connection with the Financing are subject to a statutory hold period which will expire on October 5, 2023. Finder’s fees of $145,770 cash and 516,000 warrants (“Finders Warrants”) have been issued to qualified parties in connection with the Financing. The Finder’s Warrants are non-transferrable and will allow the holder to acquire one Common Share of the Company at an exercise price of $0.25 per Finder’s Warrant for a period for 24 months following the closing date.

None of the securities to be issued in connection with the Financing will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them have been offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.