EnGold Mines Ltd. Closes $600,000 Non-Brokered Flow-Through Financing Drilling to Resume at Lac La Hache Property
Vancouver, April 27, 2021 - David H. Brett, President & CEO, Engold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that the Company has closed a previously announced non-brokered financing of 12,000,000 flow-through units at a price of $0.05 per unit for proceeds of $600,000. The units consist of one flow-through common share and one half of one warrant, whereby each whole warrant will entitle the holder to purchase one non-flow-through common share at a price of $0.075 per share for a period of two years. The proceeds will be used to explore the Company's 100% owned Lac La Hache Copper-Gold Project in the Cariboo region of BC. "EnGold is looking forward to restarting exploration activities at Lac La Hache, with drilling expected to resume the first half of June," said EnGold President & CEO David Brett. "With copper prices surging, our team is anxious to resume work."
"I'm excited to be reopening the Lac La Hache exploration office in mid-May," said EnGold VP of Exploration Rob Shives. "We'll be sharing more details of our upcoming exploration activities in the coming weeks."
Two insiders of the Company participated in the financing for aggregate subscriptions of 8,000,000 units. Participation of insiders of the Company in the financing constitutes a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on the exemption from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101 and the exemption from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101.
All securities issued under the financing are subject to a four month and one day hold period from the date of issuance in accordance with applicable securities laws.
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 Deposit 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.
Rob Shives P.Geo., VP Exploration and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content of this release.
David Brett
President & CEO
For further info contact David Brett, 604-682-2421 or david@engold.ca
This news release contains "forward‐looking statements" within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, the expected use of proceeds of the financing. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which EnGold will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition. Although EnGold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. EnGold does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.