Eminent Gold Corp. Closes Tranche of Private Placement Raising $2.43M

Eminent Gold Corp. Completes Final Tranche of Private Placement

Eminent Gold Corp. (TSX-V: EMNT) recently announced the closing of the final tranche of its non-brokered private placement, further expanding its financial capabilities to delve into gold exploration. The latest tranche consisted of 4,404,423 units, pushing the total number of units issued to a remarkable 9,341,285, achieving gross proceeds of $2,428,734. This result signifies a substantial increase of $1.15 million above the originally planned placement, which was set at $1.28 million, ensuring that over-subscriptions were accommodated effectively.

Understanding the Offering Structure

Each unit within this offering comprises one common share and one accompanying warrant. Holders of these warrants can acquire additional common shares at an exercise price of $0.55, valid for a period of 24 months following the offering's closure. Should the common shares reach a closing price of at least $1.00 for ten consecutive trading days, Eminent Gold will have the authority to accelerate the expiration date of these warrants, giving notice to warrant holders 30 days prior to the expiration.

Allocation of Funds Raised

The funds raised from this private placement are crucial for various aspects of Eminent Gold's operations. They will primarily support general working capital, cover property holding costs, service existing loans and accounts payable, and further fuel exploration initiatives in promising areas. During this closing, the company compensated registered dealers with commissions amounting to $650.

Regulatory Compliance and Hold Periods

The units from this tranche align with the regulations of Canadian securities laws, which dictate a four-month hold period. This specific hold period will conclude on February 16, 2025. Furthermore, while two directors have helped steer the company’s growth by participating in previous offerings, their involvement during this second tranche signifies their ongoing commitment towards shaping the company’s future.

Significance of Director Participation

The participation from directors is recognized as a related party transaction, adhering to TSX Venture Exchange compliance guidelines. This engagement from leadership is vital as it underscores their confidence in the company's direction and progression. This transaction meets the criteria for exemption under regulations concerning shareholder approval and formal valuation processes.

Future Prospects in Gold Exploration

Eminent Gold has positioned itself astutely within the competitive gold exploration sector. Their focus lies in maximizing shareholder value through the discovery of extraordinary gold deposits, particularly in Nevada. The Great Basin, where the company operates, hosts significant geological potential. Eminent Gold's projects, notably the Hot Springs Range Project and Gilbert South, reflect the company’s innovative approach and aggressive exploration strategy.

Company Leadership and Communication

Under the guidance of CEO Paul Sun, Eminent Gold Corp. is committed to ensuring transparent communication with stakeholders and shareholders. To this end, further inquiries can be responded to by their Communications Head, Michael Bebek, at (604)-505-7751. The exploration objectives are clear, and the company is striving to build on its successes through dedicated exploration and development.

Frequently Asked Questions

What is Eminent Gold Corp.'s latest funding achievement?

Eminent Gold Corp. has closed the final tranche of its private placement, raising a total of $2.43 million, significantly above its original target.

How is Eminent Gold planning to use the funds raised?

The raised funds will be allocated towards general working capital, property costs, existing loans, and exploration activities.

What does each unit in the private placement include?

Each unit consists of one common share and one common share purchase warrant, allowing holders to buy additional shares at $0.55.

Is there a hold period for the securities issued?

Yes, the securities will have a four-month hold period expiring on February 16, 2025, in accordance with Canadian securities laws.

Who should I contact for more information about Eminent Gold?

For further details, you can contact Michael Bebek, the Head of Communications at Eminent Gold Corp.

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