Business
American Eagle Gold Closes C$2.96 Million Financing
Toronto, Ontario--(Newsfile Corp. - May 25, 2023) - American Eagle Gold Corp. (TSXV: AE) (OTCQB: ...
About this update from American Eagle Gold Corp
[{"type":"text","content":"American Eagle Gold Closes C$2.96 Million FinancingToronto, Ontario--(Newsfile Corp. - May 25, 2023) - American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) (\"American Eagle\" or the \"Company\") is pleased to announce that it has closed the previously announced strategic investment in the Company by Teck Resources Limited (TSX: TECK.A) (TSX: TECK.B) (NYSE: TECK) (\"Teck\") through a structured charity flow-through financing on a private placement basis.The Company has issued 14,400,000 common shares on a flow-through basis (the \"Charity FT Shares\") at a price of C$0.205 per Charity FT Share for issue proceeds of approximately $2.96 million (the \"Offering\"). Through a structured flow-through transaction, Teck subsequently acquired 14,400,000 common shares of the Company for an aggregate purchase price of $1.87 million, or $0.13 per common 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, BC .Drilling on American Eagle's NAK is expected to recommence in June.No warrants or finders fees were issued in connection with the Offering.\"We are thrilled to announce that we have successfully secured Teck's investment and obtained all the necessary permits, paving the way for our upcoming drill program in 2023. The timing of these developments couldn't be more favorable, and we anticipate that the investment community will soon recognize the immense potential of our NAK property, just as Teck, a prominent industry leader and expert, has. We are excited to have Teck's backing to advance work on the project, given the company's track record in exploration, and commitment to collaborative relationships to advance exploration projects,\" said Anthony Moreau, CEO of American Eagle Gold.American Eagle announced on May 10th (see release here) it had received its 5-Year Drill Permit for the NAK Project. The proceeds of the Offering fully funds American Eagle's 2023 drill program. The primary objectives for this year's drill program will be to:Follow up the 2022 drill program via east-west step-out drilling and begin to delineate the true size of this potential deposit;Expand and better define the orientation and distribution of the higher-grade zones...