en.Wedoany.com Reported - Canadian gold mining company Engineer Gold Mines Ltd. (TSX-V: EAU) announced the completion of the first tranche of its non-broker private placement, originally announced on May 8, 2026, raising gross proceeds of C$481,155 through the issuance of 3,207,700 units.
The first tranche of the placement closed on June 18, 2026, with each unit priced at C$0.15, consisting of one common share and one warrant. Each full warrant is exercisable within three years (expiring June 17, 2029) at an exercise price of C$0.20, subject to an acceleration clause. If the company's common shares on the TSX Venture Exchange close at or above C$0.35 per share for 10 consecutive trading days, the company may, by news release, stipulate that the warrants will expire 30 days after the date of the news release, at which time all unexercised warrants will expire at 4:00 p.m. Pacific Time on the last day of that 30-day period.
A commission of C$23,732 was paid in connection with this closing, and 158,216 finder's warrants were issued, each exercisable to purchase one common share of the company at C$0.20 per share, expiring June 17, 2029, subject to the aforementioned acceleration clause.
The private placement remains open, with proceeds to be used for general working capital and exploration of the Engineer Gold project in British Columbia. Finder's fees may be payable. All issued securities are subject to a statutory hold period of four months plus one day.
The Engineer Gold project covers 18,319 hectares and is currently divided into three areas: the Engineer Gold Mine, the Tag Claims, and the Wann River. Recent exploration has identified a small high-grade historical gold mineral resource at the historic underground Engineer Mine (see NI-43101 report on the company's website), a small historical gold-silver mineral resource at the Tag Claims, multiple high-grade vein and shear zone-hosted large-tonnage gold exploration targets, and a small high-grade gold production opportunity. Both resources are epithermal systems, with additional epithermal targets evident on the project, including Happy Sullivan. The Wann River area represents an orogenic gold target associated with the prolific Llewellyn fault, yielding significant gold and silver results, including a 2010 grab sample from the Lum occurrence containing 263 g/t gold and 1,350 g/t silver.
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