EnGold Arranges $640,000 Private Placement Offering
Vancouver, British Columbia--(Newsfile Corp. - July 29, 2016) - David H. Brett, President & CEO, Engold Mines Ltd., (TSXV: EGM) ("EnGold," www.engold.ca, formerly GWR Resources Inc.) reports that EnGold has arranged a non-brokered private placement offering (the "Offering") consisting of 7,000,000 flow-through ("FT") units at $0.07 per FT unit and 3,000,000 non flow-through units at $0.05 per non FT unit for expected gross proceeds of $640,000. The FT units will consist of one FT share and one warrant to purchase one non FT common share at $0.10 for a period of two years. The non FT units will consist of one common share and one warrant to purchase one non FT common share at $0.08 for a period of two years.
The proceeds of the offering, which is subject to the approval of the TSX Venture Exchange, will be used to fund exploration at EnGold's 100% owned Lac La Hache Property in the Cariboo region of BC, and for general working capital purposes.
The Company plans to rely on the "existing security holder exemption" described in BC Instrument 45-534 for shareholders of record as of July 28th, as well as other exemptions. In the event that the Offering is oversubscribed by existing security holders, the securities shall be allocated on a pro-rata basis among the subscriptions on or before August 31, 2016.
Part or all of the financing will be subject to payment of a cash finder's fee of 7% and issuance of 7%, 2-year finder warrants to purchase one non FT warrant at $0.08 related to placement of any non FT units and $0.10 for placement of any of the FT units.
Engold Mines Ltd.
Per/
David Brett, MBA
President & CEO
For further info contact David Brett, 604-682-2421 or david@engold.ca
This news release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
