EnGold Closes $600,000 Non-Brokered Flow-Through Financing Drilling to Resume at Lac La Hache Property
EnGold Closes $600,000 Non-Brokered Flow-Through Financing
Drilling to Resume at Lac La Hache Property
For Immediate Release. April 27, 2021. Vancouver, BC. David H. Brett, President
& CEO, EnGold Mines Ltd., (TSX-V: 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.
EnGold Mines Ltd.
David Brett
President & CEO
For further info contact David Brett, 604-682-2421 or [email protected]
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.