E2Gold Closes Financing

About this update from E2gold, Inc.

[{"type":"text","content":"E2Gold Closes FinancingTORONTO, ON / ACCESSWIRE / August 27, 2024 / E2Gold Inc. (TSXV:ETU)(OTCQB:ETUGF) (the \"Company\" or \"E2\") is pleased to announce that it has closed its previously announced private placement (the \"Offering\") in which the Company has raised gross proceeds of $386,450.The aggregate financing consisted of the issuance of 15,822,502 units (\"Units\") priced at C$0.02 per Unit and 2,800,000 flow-through units (\"FT Units\") priced at $0.025 per FT Unit. Each Unit is comprised of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"); with each whole Warrant exercisable to acquire one additional Common Share at a price of $0.05 for a period of 24 months from the date of issuance thereof. Each FT Unit is comprised of one \"flow-through\" Common Share and one Common Share purchase warrant (a \"FT Warrant\"); with each whole FT Warrant exercisable to acquire one additional Common Share at a price of $0.06 for a period of 24 months from the date of issuance thereof.All securities issued and issuable pursuant to the Offering are subject to a statutory hold period expiring December 27, 2024. The Offering remains subject to the final approval of the TSX Venture Exchange. The Company intends to apply the gross proceeds from the Offering towards the exploration of its Hawkins project and for general and administrative purposes.Insiders of the Company have purchased an aggregate of 8,322,502 Units in connection with the issuance. Accordingly, the Offering constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders (\"MI 61-101\") in Special Transactions. The Company is exempt from the minority shareholder approval and valuation requires of MI 61-101 pursuant to ss. 5.5(a) and 5.7(1)(a) thereof on the basis that the participation by insiders represents less than 25% of the market capitalization of the Company.Also in connection with the Offering, the Company issued an aggregate of 126,000broker warrants, each exercisable to acquire one Common Share at an exercise price of $0.05 per share for a period of 24 months, and paid aggregate cash commissions of $2,800.ABOUT E2GOLD INC.E2Gold Inc. is a Canadian gold exploration company with a large flagship property, th...

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