Business
Emgold completes $8 million private placement financing
Emgold completes $8 million private placement financing.
About this update from Emergent Metals Corp
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION IN THE U.S./\n\n\nTSX Venture Exchange: EMR\n\n\nOTC Bulletin Board: EGMCF\n\n\nU.S. 20-F Registration: 000-51411\n\n\nFrankfurt Stock Exchange: EML\n\n\nVANCOUVER, Oct. 22 /CNW/ - Emgold Mining Corporation (EMR - TSX Venture)\n(the "Company" or "Emgold") is pleased to announce it has completed its\npreviously announced non-brokered private placement offering (the "Offering"),\nwhich was fully subscribed and raised gross proceeds of $8,000,326. A total of\n72,730,236 units (the "Units") were issued at a price of $0.11 per Unit.\nClosing of the final tranche of the Offering occurred on Friday, October 12,\n2007.\n\n\nSargent Berner and Kenneth Yurichuk, co-executive chairmen of Emgold,\ncommented:\n\n\n"We very much appreciate the support provided not only by our previous\n\n\nshareholders, but also by investors new to Emgold through this financing.\n\n\nEmgold now has in hand all of the funding that should be required to\n\n\ncomplete the permitting process for the Company's Idaho-Maryland Gold\n\n\nMine in Grass Valley, California. Emgold remains committed as its first\n\n\npriority in the coming year to obtaining all of the permits necessary to\n\n\nre-open and operate the Idaho-Maryland and is presently anticipating that\n\n\nthe Environmental Impact Report will be completed by July 2008 and the\n\n\nConditional Mine Use Permit will follow within 60 days. The present\n\n\nfinancing should also allow us to deal with unanticipated delays in the\n\n\nprocess, should they occur. We are confident that obtaining the\n\n\nconditional mine use permit ultimately will allow Emgold and our\n\n\nshareholders to realize the value of the known gold resource present at\n\n\nIdaho-Maryland."\n\n\nEach Unit in the Offering was comprised of one fully paid and\nnon-assessable common share of the Company (a "Common Share") and one\ntransferable common share purchase warrant (a "Warrant"). Each Warrant\nentitles the holder to subscribe for one additional previously unissued common\nshare (a "Warrant Share") in the capital of the Company for a period of 24\nmonths following the date of issue at an exercise price of $0.15 per Warrant\nShare.\n\n\nEmgold paid finder's fees to eligible finders (the "Finders") in the form\nof cash in...