E2Gold Closes Financing

TORONTO, ON / ACCESSWIRE / August 27, 2024 / E2Gold Inc. (TSXV:ETU)(OTCQB:ETUGF) announced the successful closure of its previously disclosed private placement, raising gross proceeds of $386,450.

The financing involved the issuance of 15,822,502 units priced at C$0.02 per unit and 2,800,000 flow-through units priced at $0.025 per unit. Each unit consists of one common share and one common share purchase warrant, exercisable at $0.05 for 24 months. The flow-through units also include a warrant, exercisable at $0.06 for 24 months.

Securities issued are subject to a hold period expiring December 27, 2024, pending final approval from the TSX Venture Exchange. Raised funds will be used for exploring the Hawkins project and for general administrative purposes. Insiders bought 8,322,502 units, making the deal a related party transaction under TSX rules.

The company also issued 126,000 broker warrants and paid $2,800 in cash commissions related to the offering.