December 8, 2016. Vancouver, BC. David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM, “EnGold”) reports that EnGold has closed a non-brokered private placement of 5,500,000 flow-through (“FT”) units at $0.20 per unit (the “Units”) for gross proceeds of $1,100,000 (the “Financing”). The Units consist of one FT share and one warrant to purchase one non-FT common share at a price of $0.30 for two years. The Financing, announced November 29th, 2016, was oversubscribed and increased by an additional 500,000 units, increasing the gross proceeds by $100,000. All securities issued under the Financing are subject to a mandatory 4 month hold period expiring April 8, 2017.
The proceeds of the financing will be used to fund exploration at EnGold’s 100% owned Lac La Hache Property in the Cariboo region of BC, where drilling continues. The current phase of the program is expected to wrap up by mid-December, 2016.
$1,000,000 of the financing was subject to a cash finder’s fee of 7% and issuance 350,000 (7%) finder’s warrants to purchase one non-FT share per warrant at a price of $0.30 per share for a period of two years.
Engold Mines Ltd.
David Brett, MBA
President & CEO
For further info contact David Brett, 604-682-2421 or firstname.lastname@example.org
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.