E2Gold Announces Kinross Intends To Maintain Its 9.9% Stake In Private Placement

Toronto, ON / ACCESSWIRE / July 24, 2024 - E2Gold Inc. (TSXV:ETU)(OTCQB:ETUGF) announced that Kinross Gold will uphold its 9.9% equity position in their latest financing. The closing date for the financing has been extended to August 15, 2024, aiming to raise gross proceeds of $500,000.

Eric Owens, President and CEO, emphasized the importance of shareholder support as a reflection of the company's activities' value. He noted that the upcoming drill program aims to expand the McKinnon Zone footprint significantly.

E2Gold is focused on enhancing the McKinnon Zone Inferred Resource. The new program targets the McKinnon East Extension, which could potentially double the gold zone's length along the strike.

The private placement includes units priced at C$0.020 and Flow-Through Units at C$0.025. Each HD Unit consists of one common share and a warrant to purchase an additional share at C$0.05 within 24 months. Each FT Unit includes one flow-through common share and a warrant exercisable at $0.06 within the same period.

Up to 50% of the offering may be acquired by insiders, subject to TSX Venture Exchange approval.