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E2Gold Announces Private Placement With Strategic Investment From Crescat Capital
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About this update from E2gold, Inc.
[{"type":"text","content":"E2Gold Announces Private Placement With Strategic Investment From Crescat CapitalNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICATORONTO, ON / ACCESSWIRE / June 16, 2021 / E2Gold Inc. (TSXV:ETU) (the \"Company\" or \"E2Gold\") is pleased to announce that it proposes to complete a private placement (the \"Offering\") pursuant to which it will issue units (\"Units\") at a price of C$0.10 per Unit, \"flow-through\" units (\"FT Units\") at a price of C$0.11 per FT Unit and special \"flow-through\" units (\"Special FT Units\") at a price of C$0.13 per Special FT Unit, in any combination to raise aggregate gross proceeds of up to C$4,000,000.The gross proceeds raised from the sale of FT Units and Special FT Units will be used for exploration at the Hawkins Gold Project where geologic surface mapping is underway and where the Phase 2 drilling campaign for approximately 5,000m is set to start in early July, 2021.Crescat Capital LLC (\"Crescat\") has agreed to make a strategic investment in the Company that will net the Company C$800,000. Crescat will have an option to participate in future financings to maintain its interest in the Company for so long as it holds greater than 5% of the issued and outstanding Common Shares.Eric Owens, CEO and President of E2Gold commented, \"We appreciate the interest and support Crescat has shown in our Hawkins Project. The success of our recent drill campaign is starting to draw the attention of the investment community.\" Mr. Owens added, \"This funding will enable us to accelerate our plans going forward and give us the opportunity to drill at depth and along strike\".\"E2Gold's Hawkins Gold Project displays very strong geologic similarities to the world class Hemlo gold deposit situated approximately 150 km to the southwest,\" commented Dr. Quinton Hennigh, technical advisor to Crescat Capital. \"Most notably, the type of host rock, intensely foliated and silicified sericite schist, as well as the presence of certain trace elements including molybdenum and barium, are similar to Hemlo. Hawkins has only seen limited shallow drilling including a few occasional narrow high-grade intercepts. In our view, the system's 3.5 km of strike needs more aggressive drilling to determine if broader zones of Hemlo-style high-grade evolve at depth. Crescat is deligh...