EnGold Closes $400,000 First Tranche of Flow-Through Financing
Vancouver, December 17, 2019 - David H. Brett, President & CEO, Engold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that the Company has closed the first tranche of the non-brokered private placement announced December 10th, 2019, and issued 4,705,882 FT Units for gross proceeds of $400,000. The FT Units consist of one flow-through share and one-half of one warrant, whereby each whole warrant entitles the holder to purchase one non-flow-through common share at a price of $0.10 per share for a period of one year. The proceeds from the sale of the FT Units will be used to incur qualifying exploration expenditures on EnGold's 100% owned copper, gold, silver, and magnetite Lac La Hache property in the Cariboo region of BC.
The Company paid an 8% finders' fee in connection with the financing consisting of 8% cash and 8% finders' share purchase warrants entitling the holders to purchase one non flow-through share at a price of 10 cents for one year. All of the securities are subject to a hold period which will expire on April 17, 2020. The Company will continue with the offering of flow-through and non-flow-through units as previously disclosed.
About EnGold
EnGold is a Vancouver-based copper, gold, silver, 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 Discovery 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
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