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Endurance Exploration Group, Inc. (OTCQB: EXPL) Announces an Offering of Up to $3,750,000 (15,000,000 Restricted Shares) of its Common Stock at $0.25 per Share
Endurance Exploration Group, Inc. (OTCQB: EXPL) Announces an Offering of Up to $3,750,000 (15,000,000 Restricted Shares) of its Common Stock at $0.25 per Share.
About this update from Endurance Exploration Group Inc
[{"type":"text","content":"\n \n \n Endurance Exploration Group, Inc. (OTCQB: EXPL) Announces an Offering of Up to $3,750,000 (15,000,000 Restricted Shares) of its Common Stock at $0.25 per Share\n \n \nEndurance Exploration Group, Inc. (OTCQB: EXPL) Announces an Offering of Up to $3,750,000 (15,000,000 Restricted Shares) of its Common Stock at $0.25 per Share\n \n CLEARWATER, FL--(Marketwired - Jun 7, 2017) - Endurance Exploration Group, Inc. (OTCQB: EXPL) (\"Endurance\" or the \"Company\"), a company that specializes in historic shipwreck research, subsea survey and recovery of lost ships containing valuable cargoes, is pleased to announce an offering of up to $3,750,000 (15,000,000 restricted shares) of its common stock at $0.25 per share. \n Use of Proceeds\n Assuming we sell all of the Units in this offering, we estimate that the net proceeds from the sale of Units offered by us will be approximately $3,325,000, based on the offering price of $0.25 per Unit, and after deducting placement agent fees and estimated offering expenses payable by us. \n The principal purpose of this offering is to increase our capitalization and obtain the working capital necessary to implement our business plan. As of the date of this Memorandum, we cannot specify with certainty all of the particular uses for the net proceeds of this offering. However, we currently intend to use the net proceeds from this offering primarily for general corporate purposes, including working capital, vessel and equipment purchases, rental and charters, recovery and survey activities, capital expenditures, employee and contractor compensation, reduction in accounts payables and debt, and other corporate purposes.\n We will have broad discretion over the uses of the net proceeds from this offering. \n The following is a table that shows the estimated use of proceeds based on the amount of funds we expect to receive on a sliding scale as a percentage of the total offering amount. \n \n \n \n  \n  \n  \n  \n  \n  \n \n \n  \n If 5,000,000 Units are Sold\n  \n If 10,000,000 Units are Sold\n  \n If 15,000,000 Units are Sold\n \n \n Connaught\n $\n 600,000\n  \n $\n 1,000,000\n  \n $\n 1,500,000\n \n \n Joint Venture\n  \n 300,000\n  \n  \n 300,000\n  \n  \n 475,000\n \n \n Black Marlin\n  \n -...