Business
E2Gold Announces Increase in Private Placement from $4 Million to $5.2 Million
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF ...
About this update from E2gold, Inc.
[{"type":"text","content":"E2Gold Announces Increase in Private Placement from $4 Million to $5.2 MillionNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICATORONTO, ON / ACCESSWIRE / July 13, 2021 / E2Gold Inc. (TSXV:ETU) (the \"Company\" or \"E2\") is pleased to announce that it has increased the size of its previously announced private placement (the \"Offering\") pursuant to which it will issue units (\"Units\") at a price of $0.10 per Unit, \"flow-through\" units (\"FT Units\") at a price of $0.11 per FT Unit and special \"flow-through\" units (\"Special FT Units\") at a price of $0.13 per Special Ft Unit, in any combination to now raise aggregate gross proceeds of up to $5,200,000.Eric Owens, CEO states: \"We truly appreciate the support and confidence both Crescat Capital LLC (\"Crescat\") and the broader investment community have shown in E2Gold. Phase Two drilling has already begun, targeting step-out holes at depth and along strike\". Mr. Owens added, \"This increased private placement has enabled the Company to source a second drill rig and hopefully accelerate the program at Hawkins\".Each Unit will be comprised of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"); each FT Unit will be comprised of one Common Share that qualifies as a \"flow-through share\" as defined in subsection 66(15) of the Income Tax Act (Canada) (each, a \"FT Share\") and one-half of one Warrant; and each Special FT Unit will be comprised of one FT Share and one Warrant. Each whole Warrant shall be exercisable to acquire one additional Common Share (which shall not be a \"flow-through\" share) at a price of $0.15 for a period of 24 months from the date of issuance thereof.In connection with the increase, Crescat has agreed to also increase its strategic investment in the Company in connection with the Offering that will net the Company $1,000,000. All other terms of the Offering remain the same as previously announced on June 16, 2021. The Offering and related matters remain subject to various closing conditions, including the approval of the TSX Venture Exchange. The Offering is presently scheduled to close on or about July 15, 2021.For further information, please contact:Eric Owens President & Chief Executive Officer Tel. (416) 509-5385 Email: eric.owens@e2gold....