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Edgemont Gold Corp. (CSE: EDGM) (FSE: EG8) is pleased to announce that it has increased and closed the previously announced non-brokered private placement of 2,100,000 flow through units at $0.335 per unit for gross proceeds of $703,500. All securities issued with respect to this private placement are subject to a four month plus a day hold period expiring on October 24, 2021 in accordance with applicable securities laws.
Each unit is comprised of one common share and one half warrant, with each full warrant entitling the holder to purchase an additional common share at an exercise price of $0.35 per share for a period of one year from the date of closing. The Company issued 160,000 finder warrants with respect to a portion of this placement, with no cash finder's fees having been paid. The finder warrants have the same terms and conditions as the subscriber warrants issued under the offering.
The proceeds of this private placement will be used to fund the drill program scheduled to start in July at Edgemont's Dungate copper-gold porphyry project near Houston. B.C.
Common shares comprising part of the Units issued under this private placement will qualify as flow through shares under the Income Tax Act (Canada). The total funds received by the Company will be used to incur 'Canadian exploration expenses' that will qualify as 'flow through mining expenditures' under the Income Tax Act and will be renounced to the initial purchasers of the flow through shares.
About Edgemont
Edgemont is actively exploring the Dungate copper/gold porphyry project located just 6 km south of Houston, BC, in a region with a history of successful mining projects including the Equity Silver Mine, Imperial Metals' Huckleberry Mine, and the more recent gold-silver discovery at Sun Summit Minerals' Buck Project which sits just 7 km to the south.
Having acquired an interest in its initial claims at Dungate in 2018, the Company now holds five mineral tenures covering 1,582.2 hectares that can be explored year-round by all-season roads. For more information, please visit our website at www.edgemontgold.com.
For further information, please contact:
Stuart Rogers
Chief Executive Officer
Tel: (778) 239-3775
www.edgemontgold.com
Kevin Arias
VP Corporate Development
Tel: (778) 773-4786
E-mail: info@edgemontgold.com
Neither the Canadian Securities Exchange nor its Market Regulator (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88427
Figure 1: Long Section of the Never Never Gold Deposit and the Pepper, Four Pillars and West Winds Gold Prospects looking east. Proposed exploration drill drive design in black.