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Engineer Gold Closes Non-Brokered Private Placement Tranche Raising Gross Proceeds of $500,000
(TheNewswire) Vancouver, BC – TheNewswire - June 10, 2021 ...
About this update from Engineer Gold Mines Ltd.
[{"type":"text","content":"Engineer Gold Closes Non-Brokered Private Placement Tranche Raising Gross Proceeds of $500,000\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver, BC –\n \n \n TheNewswire - June 10, 2021\n \n \n –\n \n Engineer Gold Mines Ltd.\n(the “Company”) (TSXV:EAU)\n \n (\n \n OTC:EGMLF\n \n )\n \n \n announces it has closed the first\ntranche of a non-brokered private placement announced May 18, 2021\nraising gross proceeds of $500,000.  10,000,000 units\n(\n \n “Unit”) have been issued at a price of $0.05 per each\nUnit. Each Unit is comprised of one common share and one-half of one\nshare purchase warrant (“Warrant”). Each whole Warrant is\nexercisable to purchase one common share of the Company at a price of\n$0.12 per share for a period of 36 months from closing of the\nfinancing expiring June 11, 2024.\n \n \n All securities are subject to a four month hold period.  Finder’s\nfees payable in connection with this tranche total $20,650 and 413,000\nfinder’s warrants.  Finder’s Warrants are exercisable to purchase\none common share of the Company at a price of $0.09 per share expiring\nJune 11, 2024.  The private placement is subject to TSX Venture\nExchange approval.\n \n \n \n The proceeds will be used for the exploration program\nat the Engineer Gold Mine Property, 32 km west of Atlin in northern\nBC, and general working capital.\n \n \n \n In this tranche a director and an officer of the Company purchased a\ntotal of 1,200,000 Units of the private placement.  The placement to\nthose persons constitutes a “related party transaction” within the\nmeaning of TSX Venture Exchange Policy 5.9 and Multilateral\nInstrument 61‑101 ‑\n \n Protection\nof Minority Security Holders in Special\nTransactions\n \n (“MI 61‑101”) adopted in the Policy.  The\nCompany has relied on exemptions from the formal valuation and\nminority shareholder approval requirements of MI 61‑101 contained\nin sections 5.5(a) and 5.7(1)(a) of MI 61‑101 in respect of\nrelated party participation in the placement as neither the fair\nmarket value (as determined under MI 61-101) of the subject matter of,\nnor the fair market value of the consideration for, the transactio...