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Enduro Metals Announces Increase in Previously Announced Non-Brokered Private Placement
Kelowna, British Columbia--(Newsfile Corp. - August 12, 2020) - Enduro Metals Corporation ( ...
About this update from Enduro Metals Corporation
[{"type":"text","content":"Enduro Metals Announces Increase in Previously Announced Non-Brokered Private PlacementKelowna, British Columbia--(Newsfile Corp. - August 12, 2020) - Enduro Metals Corporation (TSXV: ENDR) (OTC PINK: SIOCF) (FSE: SOG) (\"Enduro\" or the \"Company\") is pleased to announce that, due to strong investor demand, it is increasing the size of its previously announced non-brokered private placement (the \"Offering\") for gross proceeds of up to approximately $11.1 million.Non-Brokered Private PlacementThe upsized Offering will consist of two parts, as follows:1) Up to approximately 40,000,000 Units of the Company (the \"Units\") at a price of $0.25 per Unit for aggregate gross proceeds of up to approximately $10 million. 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 approximately 3,333,333 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 approximately $1.1 million.It is expected that the proceeds of the Offering will be used for exploration and development of the Company's Newmont Lake Project and for general working capital purposes.In respect of subscriptions sourced by a eligible finders (each a \"Finder\"), the Company will pay a fee to the Finder as follows: (i) a cash fee equal to 8.0% of the gross proceeds subscribed for; and (ii) non-transferable finder warrants (the \"Finder Warrants\") equal to 8.0% of the total number of securities subscribed for. Each Finder Warrant will entitle the holder to purchase one Common Share for a period of 18 months following the Closing (as defined below) at an exercise price of $0.38 per share with respect to subscriptions received for Units and at an exercise price of $0.50 per share for subscriptions received for FT Shares. The Offering is scheduled to close on or about August 17, 2020, or such other date or dates as may be determined by the Company (the \"Closing\") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange (the \...