Eminent Gold Corp. Boosts Private Placement to $1.7 Million
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Eminent Gold Corp. Closes First Tranche of Private Placement
Eminent Gold Corp. (TSX-V: EMNT) is excited to share the successful closing of the first tranche of its non-brokered private placement offering. This announcement comes following significant market demand, resulting in the offering's size being increased from $1.3 million to an impressive $1.7 million. During this initial closing, the company issued 4,936,862 units, each priced at $0.26, leading to total gross proceeds of $1,283,584.12.
Details of the Offering
Each unit comprises one common share and one common share purchase warrant. The accompanying warrant allows its holder to acquire an additional common share at an exercise price of $0.55 for a duration of 24 months post-closing. If, after four months from the closing date, the price of the common shares trades at or above $1.00 for ten consecutive days, Eminent Gold Corp. can expedite the expiry date of these warrants with prior notice.
Use of Proceeds from the Placement
The proceeds from this private placement are earmarked for general corporate purposes including working capital, covering property holding costs, repaying certain loans, and supporting exploration initiatives. In connection with this closing, the company has compensated registered dealers with commissions amounting to $38,937.20.
Regulatory Compliance and Restrictions
It is noteworthy that the units issued from the first tranche are subject to a four-month hold period as per Canadian securities regulations, which will conclude on December 31. Furthermore, the common shares associated with this offering have not been registered under the U.S. Securities Act and cannot be sold or offered in the U.S. unless registered or with an applicable exemption.
Director Participation and Related Transactions
A director of Eminent Gold Corp. actively participated in this private placement, subscribing for 400,000 units. This involvement is classified as a related party transaction. Importantly, this transaction is exempt from formal valuation and shareholder approval requirements as per applicable regulations.
Future Expectations and Close of Offering
Due to heightened interest, the company anticipates conducting a second closing of the offering by the end of September. With the enhanced size of the private placement, a total of up to 6,538,461 units may be issued in total.
About Eminent Gold Corp.
Eminent Gold Corp. is dedicated to exploring and discovering world-class gold deposits, primarily in Nevada. The company is driven by a multidisciplinary team that boasts a record of multiple successful gold discoveries. Eminent Gold is committed to creating significant shareholder value through its exploration efforts, focusing on key projects like the Hot Springs Range Project and Gilbert South.
For further information about Eminent Gold Corp., please reach out to Michael Bebek, Head of Communications, at (604)-505-7751 or via email at Michael@eminentgoldcorp.com.
Frequently Asked Questions
What is Eminent Gold Corp.?
Eminent Gold Corp. is a gold exploration company operational in Nevada focusing on discovering valuable gold deposits.
How much capital did Eminent Gold raise?
The company raised approximately $1.28 million from the first tranche of its private placement.
What is the exercise price of the warrants included in the private placement?
The warrants have an exercise price set at $0.55, valid for a period of 24 months.
Why did Eminent Gold increase the size of its offering?
The increase was due to significant market demand, leading to a revision of the offering from $1.3 million to $1.7 million.
What will the proceeds be used for?
The proceeds will support general working capital, repayment of loans, property holding costs, and exploration activities.
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