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American Eagle Gold Announces C$2.96 Million Financing With New Strategic Shareholder
Toronto, Ontario--(Newsfile Corp. - May 8, 2023) - American Eagle Gold Corp. (TSXV: AE) (OTCQB: A...
About this update from American Eagle Gold Corp
[{"type":"text","content":"American Eagle Gold Announces C$2.96 Million Financing With New Strategic ShareholderToronto, Ontario--(Newsfile Corp. - May 8, 2023) - American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) (\"American Eagle\" or the \"Company\") is pleased to announce that Teck Resources Limited (\"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 14,400,000 common shares on a flow-through basis (the \"Shares\") at a price of C$0.205 per Share for issue proceeds of approximately $2.96 million (the \"Offering\"). Teck will subsequently acquire the Shares for an aggregate purchase price of $1.87 million, or $0.13 per Share. Highlights: The Offering fully funds the American Eagle's 2023 drill program on NAK and provides the capital to advance its ongoing exploration activities at the NAK copper-gold porphyry project located (the \"Nak Project\"), near Smithers, BCDrilling on American Eagle's NAK is expected to recommence in JuneNo warrants or finders fees were issued in connection with the Offering\"We are very pleased to welcome Teck, Canada's preeminent copper producer, as a strategic investor. This investment affirms the value our team sees in NAK and solidifies our drilling and exploration plans for 2023. NAK's 2022 drilling program discovered broad intercepts of bornite bearing copper-gold porphyry mineralization. 2023's objective is to continue advancing our property by expanding its known mineralized footprint and identifying the high-grade source of the copper and gold on NAK,\" said Anthony Moreau, CEO of American Eagle Gold.American Eagle will use the proceeds of the Offering to fund its 6,000-metre drill program on a number of targets at the NAK Project. The objective of the drill program is to:Follow up the 2022 drill program via east-west step-out drilling and begin to delineate the true size of this potential depositExpand and better define orientation and distribution of the higher-grade zones of dyke-hosted bornite mineralizationExpand the known footprint of the high-grade at-surface south gold zoneStep-out and investigate the highly prospective southern margin of the main Babine stock porphyryImmediately following the closing of the Offering, Teck will hold 14,400,000 common shares of American Eagle, or approximately 15.0%...