Endurance Gold closes financing at $3.05-million

Feb 14, 2022

2022-02-14 15:55 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 Jan. 31, 2022, for gross proceeds of up to $2.5-million through the sale of 6.25 million units at 40 cents per unit. After receiving expressions of interest that exceeded the originally announced financing amount, the company announced on Feb. 7, 2022, that the financing would be increased to $3-million on the same terms.

The company closed the financing on Feb. 11 and issued a total of 7,637,500 units at a price of 40 cents per unit for gross proceeds of $3,055,000, which exceeded the increased amount announced on Feb. 7. 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 Feb. 12, 2024. The proceeds from the financing will be used to finance the company’s exploration activities and for general corporate purposes.

“We look forward to another productive exploration year at the Reliance property using the proceeds from this financing,” stated Robert T. Boyd, president and chief executive officer. “We are also pleased to welcome new shareholder Evanachan Ltd., a corporation controlled by Mr. Robert McEwen, which subscribed to about 50 per cent of the offering.”

Insiders of the company purchased an aggregate of 937,500 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(b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.

In connection with the financing, the company has paid aggregate cash finders’ fees of $132,000 and issued an aggregate of 165,000 finders’ warrants to eligible finders, consisting of Agentis Exempt Market Dealer LP and MPartners Inc. Each finder’s warrant will entitle the finder to purchase one share at an exercise price of 40 cents per share until Feb. 12, 2024. All securities issued in connection with the closing of the financing (including the finders’ warrants) are subject to a statutory hold period of four months plus one day expiring on Monday, June 13, 2022. The financing remains subject to the final approval of the exchange.

We seek Safe Harbor.

https://endurancegold.com/