Eminent Announces Closing of First Tranche of Non-Brokered Private Placement
Eminent Announces Closing of First Tranche
of Non-Brokered Private Placement
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR THROUGH U.S. NEWS WIRE
SERVICES/
VANCOUVER, BC
,
July 12, 2022
/CNW/ -
Eminent Gold Corp.
(TSXV: EMNT) (OTCQB: EMGDF)
("
Eminent
" or the "
Company
") is pleased to announce, further to its news release dated
June 21,
2022
, that it has closed the first tranche of its non-brokered private placement (the "
Private
Placement
") of 1,642,222 units (the "
Units
") at a price of
$0.45
per Unit for gross proceeds of
$739,000
.
Each Unit is comprised of one common share in the capital of the Company (each, a "
Share
") and
one non-transferable Share purchase warrant (each, a "
Warrant
"). Each whole Warrant will entitle
the holder to purchase one additional Share in the capital of the Company (each, a "
Warrant
Share
") for a period of 36 months from the closing date at an exercise price of
$0.75
per Warrant
Share. If at any time after
November 11, 2022
the closing price of the Shares is at a price equal to
or greater than
$1.50
for a period of ten consecutive trading days, the Company will have the right
to accelerate the expiry date of the Warrants by giving notice, via a news release, to the holders of
the Warrants that the Warrants will expire on the date that is 30 days after the issuance of said
news release.
The Shares, Warrants and underlying Warrant Shares are subject to a hold period that expires on
November 12, 2022
.
In connection with the closing, the Company paid
$16,650.00
cash commission to arm's length
finders, representing 5% of the gross proceeds raised on the sale of the Units placed by such
finders.
Certain insiders of the Company participated in the offering and subscribed for an aggregate of
160,000 Units for gross proceeds of
$72,000
under the Private Placement (the "
Insider
Subscriptions
"). The Insider Subscriptions constitute "related party transactions" within the meaning
of Multilateral Instrument 61-101 –
Protection of Minority Security Holders in Special Transactions
("
MI 61-101
"). The Company has relied on the exemptions from the formal valuation and minority
shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7 (a),
respectively, of MI 61-101 in respect of the Insider Subscriptions.
About Eminent Gold Corp.
Eminent Gold Corp. is a gold exploration company focused on creating shareholder value through
the exploration and discovery of world-class gold deposits in
Nevada
. Its multidisciplinary team has
had multiple successes in gold discoveries and brings expertise and new ideas to the Great Basin.
The Company's exploration assets in the Great Basin include: Hot Springs Range Project, Weepah,
Gilbert South
, and Spanish Moon District.
On behalf of the Board of Directors
,
"Paul Sun"
CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
Eminent Gold Corp.
View original content:
http://www.newswire.ca/en/releases/archive/July2022/12/c7490.html
%SEDAR: 00033051E
For further information:
on Eminent Gold Corp., visit www.eminentgoldcorp.com, email:
[email protected], or call 604-288-8956
CO: Eminent Gold Corp.
CNW 07:30e 12-JUL-22