• EnGold Mines Ltd. (EGM) has arranged an $8 million non-brokered private placement
  • The financing is subject to a consolidation of capital on a 10 for 1 basis
  • EnGold has 256,465,446 common shares outstanding. Post-consolidation, the company will have approximately 25,646,544 shares outstanding
  • Proceeds from the financing will be used to explore EnGold’s Lac La Hache Copper-Gold Project
  • EnGold is a Vancouver-based copper, gold, silver, magnetite exploration company
  • EnGold Mines Ltd. (EGM) is down 18.18 per cent, trading at C$0.045 per share at 12 pm ET

EnGold Mines (EGM) has arranged an $8 million non-brokered private placement of flow-through units.

The financing is subject to a consolidation of capital on a 10 for 1 basis. EnGold has 256,465,446 common shares issued and outstanding. Upon completion of the consolidation, the company is expected to have approximately 25,646,544 common shares outstanding.

On a post-consolidation basis, the company will issue 16,000,000 units at a price of $0.50 per unit. Each unit will consist of one flow-through share and one-half of one warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $0.75 for a period of two years.

Proceeds from the financing will be used to explore EnGold’s Lac La Hache Copper-Gold Project in the Cariboo region of BC.

The financing and share consolidation are subject to shareholder and TSX Venture Exchange approval. 

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.

EnGold Mines Ltd. (EGM) is down 18.18 per cent, trading at C$0.045 per share at 12 pm ET.

More From The Market Online

Alamos and Argonaut merge to create one of Canada’s largest gold mines

Alamos Gold (TSX:AGI) announces it will acquire all of the issued and outstanding shares of Argonaut Gold (TSX:AR) in a friendly takeover.

Forum Energy initiates mobilization for drill program in Nunavut

Forum Energy Metals (TSXV:FMC) begins mobilization of its camp, fuel, equipment and second drill to its Aberdeen Uranium Project location.