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Enduro Metals Announces Non-Brokered Private Placement of up to $3.0 Million with Lead Order from Rob McEwen
Kelowna, British Columbia--(Newsfile Corp. - December 14, 2023) - Enduro Metals Corporation (TSX...
About this update from Enduro Metals Corporation
[{"type":"text","content":"Enduro Metals Announces Non-Brokered Private Placement of up to $3.0 Million with Lead Order from Rob McEwenKelowna, British Columbia--(Newsfile Corp. - December 14, 2023) - Enduro Metals Corporation (TSXV: ENDR) (OTCQB: ENDMF) (FSE: SOG) (\"Enduro\" or the \"Company\") announces its intention to complete a non-brokered private placement (the \"Offering\") for gross proceeds of up to $3 million and a consolidation of its Common Shares on the basis of one (1) post-consolidation Common Share for each ten (10) pre-consolidation Common Shares (the \"Consolidation\"). The OfferingThe Offering will consist of the issuance of up to 75 million units (7,500,000 on a post-Consolidation basis) of the Company (the \"Units\") at a purchase price of $0.04/Unit ($0.40/Unit on a post-Consolidation basis), for gross proceeds of up to $3.0 million. Each Unit will be comprised of one (1) common share in the capital of the Company (a \"Common Share\") and one-half of one (1/2) Common Share purchase warrant (each whole Common Share purchase warrant, a \"Warrant\"). Each Warrant shall entitle the holder to acquire an additional Common Share at a purchase price of $0.08/share ($0.80/share on a post-Consolidation basis) for a period of three (3) years from the date of issuance.The Company has secured a lead order for 30,000,000 Units (3,000,000 Units on post-Consolidation basis) reflecting proceeds of C$1.2 million from an entity controlled by Mr. Rob McEwen, an existing shareholder of the Company. Mr. McEwen is the Chairman and Chief Owner of McEwen Mining Inc., and is the founder and former Chairman and CEO of Goldcorp Inc.The Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the \"TSXV\"). 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. Finders' fees or brokers' commissions may be payable on a portion of the Offering in accordance with TSXV policies. The Offering is subject to certain conditions, including the approval of the listing and trading of the Common Shares on the TSXV.All securities issued will be subject to a four-month holding period from the date of issuance a...