Enduro Metals Corporation (TSX-V: ENDR) (OTCQB: ENDMF) is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $10,020,000.
Cole Evans, President, CEO & Director, commented, “We’ve spent a significant amount of time refining our Company’s story, its project’s technical merits, and the potential pathway forward, and believe the Company is well positioned to unlock value through tier one discoveries. Completing this financing during the current market conditions is a testament to the potential value of the Newmont Lake project.”
“We’d like to thank all the participants in this financing. Your belief in our team and the project is what motivates us to reach our goals and milestones. We are welcoming some new strategic investors, including our now single largest shareholder, as well as some key financiers. With the closing of this financing, we can now focus on one of the most important seasons for the Company as we follow-up on our three-years of systematic exploration.”
Details of the Private Placement
The private placement consisted of 1,000,000 non-flow-through shares at a price of $0.26 per NFT Share, 3,333,334 flow-through shares at a price of $0.30 per FT Share and 24,000,000 charity flow-through shares at a price of $0.365 per CFT Share.
The Company intends to use the proceeds of the Offering for the exploration of the Company’s key projects located in the Golden Triangle and for general working capital purposes. The gross proceeds from the issuance of the FT Shares and the CFT Shares will be used for “Canadian Exploration Expenses” (within the meaning of the Income Tax Act (Canada), which will be renounced with an effective date no later than December 31, 2022 to the purchasers of the FT Shares and the CFT Shares.
The Offering is subject to certain conditions including, but not limited to, the receipt of the final approval of the TSX Venture Exchange.
All securities issued in connection with the Offering are subject to a four-month hold period which will expire on September 20, 2022.
In connection with the Offering, the Company has paid Cantor Fitzgerald Canada Corporation a cash fee of $60,000 and Canaccord Genuity Corp. a cash fee of $15,600.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
About Enduro Metals
Enduro Metals is an exploration company focused on it’s flagship Newmont Lake Project; a total 654km2 property located between Eskay Creek, Snip, and Galore Creek within the heart of northwestern British Columbia’s Golden Triangle. Enduro entered into an option agreement to acquire 436km2 from Romios Gold Resources who has carefully amalgamated the area since 2005 from numerous smaller operators. The remaining 202 km2 is owned 100% by Enduro and was acquired via staking or cash purchase. Building on prior results, the Company’s geological team have outlined 4 deposit environments of interest across the Newmont Lake Project including high-grade epithermal/skarn gold along the McLymont Fault, copper-gold alkalic porphyry mineralization at Burgundy, high-grade epithermal/skarn silver/zinc at Cuba, and a large 9km x 4km geochemical anomaly hosting various gold, silver, copper, zinc, nickel, cobalt, and lead mineralization along the newly discovered Chachi Corridor.
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We acknowledge the [financial] support of the Government of Canada.