Vancouver (pcJ News Briefs) – EnGold Mines Ltd. (TSX-V: EGM) has closed previously announced non-brokered private placement of 4,000,000 flow-through (FT) units at $0.50 per FT unit for gross proceeds of $2,000,000.
The FT units will consist of one FT share and one warrant to purchase one non-FT common share at a price of $0.60 for a period of two years.
The proceeds will be used to fund ongoing exploration at EnGold’s 100% owned Lac La Hache Property in the Cariboo region of BC, where drilling is expected to resume next week.
“Interest in this financing was strong and the offering was significantly oversubscribed,” said EnGold President & CEO, David Brett. “We are looking forward to recommencing our drill program at Lac La Hache next week.”
A 7% cash finder’s totaling $140,000 was paid and 280,000 (7%) finder’s warrants were issued granting the holder to purchase one non-FT share at $0.60 per share for a period of two years.
photo credit: EnGold