Endurance Gold Corporation (EDG - TSX.V) intends to complete a non-brokered private placement of 4.0 million non-flow through units (the "NFT Units") and 1.0 million flow through shares (the "FT Shares"), for gross proceeds of $1,100,000.
Each NFT Unit will be priced at $0.22, and consist of one common share and one half non-transferable common share purchase warrant (the "Warrant"), each whole Warrant entitling the holder to acquire one common share for a period of two years, exercisable at a price of $0.30. The Warrant will be subject to earlier expiry if the EDG share closing price is above $0.50 for 20 consecutive trading days, any time after the expiry of the "hold" period.
The 1.0 Million FT Shares will be priced at $0.22.
Commissions of 7% cash and 8% broker warrants, issued on the same terms as the warrant described above, will be paid in connection with certain subscriptions under the private placement in cash and/or securities of the Company.
The majority of proceeds of the NFT Units portion of the financing will be used to advance the Company's 100% owned Natrona Gold Properties, located in the Rattlesnake Hills of Wyoming, and for general working capital. The flow through portion of the financing will be used to advance the Company's Canadian property portfolio, including the Nechako Property in British Columbia, and the Turner, Hutton and Parkin properties in Ontario.
The private placement is subject to regulatory acceptance. The securities issued in the financing will be subject to a hold period of four months plus one day from the date of closing.
ENDURANCE GOLD CORPORATION
Duncan McIvor
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, dmcivor@endurancegold.com
www.endurancegold.com
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