E2Gold Begins 2023 Field Work to Advance Hawkins Project to Drill Ready Status - Seite 2

Foto: Accesswire

Private Placement Closing

E2Gold is pleased to announce that it has increased and closed its previously announced non-brokered private placement (the "Offering") pursuant to which it has issued an aggregate of 2,896,271 units ("Units") at a price of $0.035 per Unit, to raise aggregate gross proceeds of approximately $101,369.

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 $0.07 for a period of 24 months from the date of issuance thereof.

Dr. David Good, Chairman of the Board, has subscribed for 1,428,571 Units in connection with the Offering. As Dr. Good is an insider of the Company, the Offering is a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61- 101"). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Offering as the Company is listed on the TSX Venture Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Offering, insofar as it involves the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).

All securities issued and issuable pursuant to the Offering are subject to a statutory hold period expiring October 7, 2023. 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 payment of arm's length field personnel and field accommodations for part of its proposed summer exploration program.

Qualified Person: Eric Owens, Ph.D., P.Geo. acts as a Qualified Person for E2Gold, and has reviewed the content of this press release.

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 Au 1.65 g/t, for 328,800 ounces of gold.¹ E2Gold is committed to increasing shareholder value through discoveries at Hawkins.