EnGold Arranges $350,000 Flow-Through Financing
Vancouver, August 7, 2020 - David H. Brett, President & CEO, Engold Mines Ltd. (TSXV: EGM) ("EnGold" or the "Company"), reports that the Company has arranged a non-brokered private placement of 4,666,667 flow-through units at a price of $0.075 per unit for gross proceeds of $350,000, subject to TSX Venture Exchange acceptance. The units consist of one flow-through common share and one half of one warrant, whereby each whole warrant will entitle the holder to purchase one non-flow-through common share at a price of $0.10 per share for a period of two years. The net proceeds will be used to explore the Company's Lac La Hache Project in the Cariboo region of BC.
The Company expects to pay a 7% finder's fee in connection with part of the financing consisting of 7% cash and 7% finder's share purchase warrants entitling the holder to purchase one non-flow-through common share at a price of $0.10 per share for one year.
About EnGold
EnGold is a Vancouver-based copper, gold, silver, magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit and the G1 Copper Discovery and other targets within a large porphyry mineralizing system. With world class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.
Engold Mines Ltd.
David Brett
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.
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