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EGR Exploration Closes Private Placement and Completes Airborne Magnetic Survey at Detour West
(TheNewswire) Vancouver, BC – TheNewswire - May 15, 2023 – EGR Ex...
About this update from Egr Exploration Ltd
[{"type":"text","content":"EGR Exploration Closes Private Placement and Completes Airborne Magnetic Survey at Detour West\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 TheNewswire -\n \n \n May 15, 2023\n \n –\n \n EGR Exploration Ltd.\n \n \n (TSXV:EGR)\n \n (\"\n \n EGR\n \n \" or the \"\n \n Company\n \n \") is pleased to\nannounce that the non-brokered private placement announced on April 4,\n2023 has been closed.   The private placement consists of 6,818,182\nunits of the Company (the \"\n \n Units\n \n \") at a price of C$0.11 per Unit and 1,428,572\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\n$950,000 (the \"\n \n Offering\n \n \").\n \n \n Each Unit consists of one common share of the Company (each, a\n\"\n \n Common Share\n \n \") and\none half of one Common Share purchase warrant (each whole warrant, a\n\"\n \n Warrant\n \n \"). And each\nFlow-Through Unit consists of one flow-through common share of the\nCompany (each, a \"\n \n Flow-Through\nShare\n \n \") and a half Warrant. Each Warrant is exercisable by\nthe holder thereof to acquire one Common Share (a \"\n \n Warrant Share\n \n \") at a price of\nC$0.22 for a period of 36 months expiring on May 15, 2026.\n \n \n Finder’s fees of $14,649 was paid in cash and 129,900 finder’s\nwarrants were issued to certain eligible parties. Each finder’s\nwarrant is exercisable at C$0.11 for a period of 12 months expiring on\nMay 15, 2024.\n \n \n \n Insiders are participating in the Offering for\n$116,950. The Company is relying upon exemptions from the valuation\nand minority shareholder approval requirements contained in\nMultilateral Instrument 61-101 -\n \n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n \n .\n \n \n \n All securities issued with respect to the Offering will be subject to\na hold period expiring on September 16, 2023.\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 purcha...