Endurance Gold closes $1.5-million private placement

Nov 1, 2022

2022-11-01 15:54 ET – News Release

Mr. Robert Boyd reports

ENDURANCE GOLD ANNOUNCES CLOSING OF OVER SUBSCRIBED NON-BROKERED PRIVATE PLACEMENT

Endurance Gold Corp. has closed its non-brokered private placement financing. The financing was originally announced on Oct. 21, 2022, for gross proceeds of up to $1,503,600 through the sale of 3.58 million units at 42 cents per unit. After receiving expressions of interest that exceeded the originally announced financing amount, the company increased the size of financing to $2,039,336 on the same terms as previously announced.

The company has closed the financing and issued a total of 4,855,562 units at a price of 42 cents per unit for gross proceeds of $2,039,336. Each unit comprises one common share and one-half non-transferable common share purchase warrant. Each warrant shall entitle the holder to purchase one share at an exercise price of 55 cents per share until Nov. 1, 2024. The proceeds from the financing will be used to finance the company’s exploration activities and for general corporate purposes.

Insiders of the company purchased an aggregate of 2,554,012 units in the financing. The company has relied on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation. In connection with the financing, the company has paid a cash finder’s fee of $3,005 and issued 3,577 finder’s warrants to eligible finder M Partners Inc. Each finder’s warrant will entitle the finder to purchase one share at an exercise price of 55 cents per share until Nov. 1, 2024.

All securities issued in connection with the closing of the financing (including the finder’s warrants) are subject to a statutory hold period of four months plus one day expiring on March 2, 2023. The financing remains subject to the final approval of the exchange.

We seek Safe Harbor.

https://endurancegold.com/