Business
American Eagle Announces Closing of C$29 Million Strategic Investment by South32
Toronto, Ontario--(Newsfile Corp. - November 26, 2024) - American Eagle Gold Corp. (TSXV: AE) (OT...
About this update from American Eagle Gold Corp
[{"type":"text","content":"American Eagle Announces Closing of C$29 Million Strategic Investment by South32Toronto, Ontario--(Newsfile Corp. - November 26, 2024) - American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) (\"American Eagle\" or the \"Company\") is pleased to announce that it has closed the previously announced non-brokered private placement pursuant to a subscription agreement (the \"Agreement\") with a wholly owned subsidiary of South32 Ltd. (\"South32\" - ASX:S32). Pursuant to the Agreement, South32 purchased 33,321,577 common shares in the capital of the Company (\"Common Shares\") at a price of C$0.875 per Common Share, for gross proceeds to the Company of C$29,156,379.88 (the \"Offering\").Under the terms of the Agreement, American Eagle will use the proceeds from the Offering to fund drill program expansions in 2025 and 2026. Further details on the 2025 drill program will be shared once assays from the 2024 program are received.No warrants are included in the Offering, and no finder's fees or commissions were paid. The Common Shares will be subject to a statutory hold period of four months plus a day following the date hereof.Early Warning RequirementsAs required by National Instrument 62‐103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, South32 has filed an Early Warning Report in connection with its acquisition of the Common Shares pursuant to the Offering. The Common Shares were acquired by South32 Group Operations Pty Ltd., a company organized and existing under the laws of Australia and a wholly owned subsidiary of South32, with a registered address of Level 35, 108 St Georges Terrace, Perth WA 6000, Australia. Prior to the completion of the Offering, South32 did not directly or indirectly own or exercise control over any Common Shares, nor any securities exercisable into Common Shares. Following the completion of the Offering, South32 indirectly owns and exercises control over 33,321,577 Common Shares, representing approximately 19.9% of the issued and outstanding Common Shares, for total consideration of C$29,156,379.88. South32 did not and does not hold any warrants before or after the completion of the Offering.The Common Shares were acquired for investment purposes. South32 currently has no other plans or intentions that relate to, or would result in the matters listed in clauses ...