Business
American Eagle Gold Announces Additional C$2.67 Million Financing
Toronto, Ontario--(Newsfile Corp. - August 17, 2023) - American Eagle Gold Corp. (TSXV: AE) (OTCQ...
About this update from American Eagle Gold Corp
[{"type":"text","content":"American Eagle Gold Announces Additional C$2.67 Million FinancingToronto, Ontario--(Newsfile Corp. - August 17, 2023) - American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) (\"American Eagle\" or the \"Company\") is pleased to announce that Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (\"Teck\") has agreed to make a strategic investment in the Company through a structured flow-through financing on a private placement basis.The Company will issue 5,940,000 common shares on a flow-through basis (the \"Shares\") at a price of C$0.45 per Share for issue proceeds of approximately $2.67 million (the \"Offering\"). The flow-through financing structure provides for Teck to subsequently acquire the Shares for an aggregate purchase price of $1.66 million, or $0.28 per Share. The Offering proceeds fully fund an extended 2023 Drill Program and its 2024 Drill Program at its NAK copper-gold porphyry project (the \"Nak Project\") near Smithers, BC. No warrants or finders fees were issued in connection with the Offering.Immediately following the closing of the Offering, Teck will hold 20,340,000 common shares of American Eagle, or approximately 19.9% of American Eagle's issued and outstanding common shares, on a non-diluted basis. Teck currently holds 14,400,000 common shares of American Eagle, or approximately 15.0% of American Eagle's issued and outstanding common shares, on a non-diluted basis. Teck's purchase of the Shares is being made for investment purposes. Teck may determine to increase or decrease its investment in American Eagle depending on market conditions and any other relevant factors. This release is required to be issued under the early warning requirements of applicable securities laws. Teck's head office is located at Suite 3300 - 550 Burrard Street, Vancouver, BC, V6C 0B3. A copy of Teck's early warning report may be obtained from Chris Stannell at 604 699 4368.Closing of the Offering is expected to occur on or before September 7, 2023 (the \"Closing Date\"), subject to negotiation and execution of definitive documentation with the initial purchasers of the Shares, as well as certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange The Shares are subject to a statutory hold period of four months plus a day followin...