Business
EGR Exploration Announces $2.0 Million Financing
(TheNewswire) Vancouver, BC - TheNewswire - April 04, 2023 - EGR Exploratio...
About this update from Egr Exploration Ltd
[{"type":"text","content":"EGR Exploration Announces $2.0 Million Financing\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC\n \n \n -\n \n \n TheNewswire -\n \n \n April 04,\n2023\n \n -\n \n EGR Exploration\nLtd.\n \n \n (TSX-V:EGR)\n \n (\"\n \n EGR\n \n \" or the\n\"\n \n Company\n \n \") is\npleased to announce a non-brokered private placement of 8 million\nunits of the Company (the \"\n \n Units\n \n \") at a price of C$0.11 per Unit and 8 million\nflow-through units of the Company (the \"\n \n Flow-Through Units\n \n \") at a price\nof C$0.14 per Flow-Through Unit for gross proceeds to the Company of\nup to C$2.0 million (the \"\n \n Offering\n \n \"). Each Unit shall consist of one common share\nof the Company (each, a \"\n \n Common\nShare\n \n \") and one half of one Common Share purchase warrant\n(each whole warrant, a \"\n \n Warrant\n \n \"). And each Flow-Through Unit shall consist of\none flow-through common share of the Company (each, a \"\n \n Flow-Through Share\n \n \") and a half\nWarrant. Each Warrant will be exercisable by the holder thereof to\nacquire one Common Share (a \"\n \n Warrant Share\n \n \") at a price of C$0.22 for a period of 36\nmonths following the closing date of the Offering.\n \n \n \n Use of proceeds\n \n \n \n The gross proceeds from the issuance of the Flow-Through Shares will\nbe used for \"Canadian Exploration Expenses\" (within the\nmeaning of the Income Tax Act (Canada)) (the \"\n \n Qualifying Expenditures\n \n \"),\nwhich will be renounced with an effective date no later than December\n31, 2023 to the purchasers of the Flow-Through Shares in an aggregate\namount not less than the gross proceeds raised from the issue of the\nFlow-Through Shares. If the Qualifying Expenditures are reduced by the\nCanada Revenue Agency, the Company will indemnify each Flow-Through\nShares subscriber for any additional taxes payable by such subscriber\nas a result of the Company's failure to renounce the Qualifying\nExpenditures.\n \n \n The proceeds from the sale of Flow-Through Shares will be used to fund\nmultiple stages of exploration on the Detour West property over the\nnext year culminating with the potential of diamond drilling and\nadditional targets to explore. In addition to the exploration,\nproceeds from the Units private placement will be used for corporate\nworking capital.\n ...