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Enduro Metals Announces $8 Million Non-Brokered Private Placement with Lead Investment from Rob McEwen
Kelowna, British Columbia--(Newsfile Corp. - July 23, 2020) - Enduro Metals Corporatio...
About this update from Enduro Metals Corporation
[{"type":"text","content":"Enduro Metals Announces $8 Million Non-Brokered Private Placement with Lead Investment from Rob McEwenKelowna, British Columbia--(Newsfile Corp. - July 23, 2020) - Enduro Metals Corporation (TSXV: ENDR) (OTC PINK: SIOCF) (FSE: SOG) (\"Enduro\" or the \"Company\") is pleased to announce a non-brokered private placement (the \"Offering\") for gross proceeds of up to $8 million.Non-Brokered Private PlacementThe Offering will consist of two parts for total gross proceeds of up to $8,000,000 as follows:1) Up to 24,000,000 Units of the Company (the \"Units\") at a price of $0.25 per Unit for aggregate gross proceeds of up to $6,000,000. Each Unit will consist of one common share in the capital of the Company (a \"Common Share\") and one Common Share purchase warrant (the \"Warrants\"). Each Warrant will entitle the holder thereof to acquire an additional Common Share at a price of $0.38/share for a period of 18 months from the closing of the Offering.2) Up to 6,060,606 Common Shares issued on a flow-through basis (the \"FT Shares\") at a price of $0.33 per FT Share for aggregate gross proceeds of up to $2,000,000.Enduro is pleased to announce that it has secured a lead order under the Offering of up to 8,000,000 Units ($2,000,000) from an entity controlled by Mr. Rob McEwen. Mr. McEwen is the Chairman and Chief Owner of McEwen Mining Inc., and is the founder and former Chairman and CEO of Goldcorp Inc.Mr. Cole Evans, President & CEO of Enduro comments: \"Rob McEwen's expertise in the mining and investment industry is world-class and we are grateful to have him as one of Enduro's largest shareholders. Equipment is in place for the 2020 exploration season and the Company will be mobilizing to the Newmont Lake Project immediately upon closing of the Offering and will be providing batches of technical updates as more information becomes available.\"It is expected that the proceeds from the sale of Units will be used for exploration and development of the Company's Newmont Lake Project located in Northwest British Columbia and for general working capital purposes. The proceeds from the sale of the FT Shares will be used to incur Canadian Exploration Expenses (CEE) and will qualify as 'flow-through mining expenditures' under the Income Tax Act (Canada).Completion of the Offering is subject to final approval of the TSX Venture Exchange. ...