Canadian precious metals exploration and development company Endurance Gold has revealed plans to conduct a non-brokered private placement to raise up to $4m (C$5.46m).
The capital will be sourced by selling up to 20 million units at $0.20 each.
Each unit in the offering will comprise one common share and a half of a non-transferable common share purchase warrant.
The warrant grants the investor the right to purchase an additional share at $0.32 within a two-year period from the date of issue.
Notably, the offering does not hinge on a minimum aggregate subscription.
The proceeds from the unit sales are earmarked for Endurance Gold’s exploration endeavours and for general corporate needs.
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The completion of the offering is contingent upon approval from the TSX Venture Exchange.
Securities issued in this offering will be subject to a statutory hold period, which will expire four months and one day after the closing date. In line with the policies of the Exchange, finders’ fees may be applicable to the offering.
Endurance Gold said in a statement: “The Company will rely on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.”
