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VANCOUVER, British Columbia, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Eminent Gold Corp. (TSXV:EMNT) (the "Company") is pleased to announce that, further to its news releases dated August 16, 2024, and August 30, 2024, it has closed the final tranche of its non-brokered private placement (the "Offering"). This tranche consisted of 4,404,423 units of the Company (the "Units"), bringing the total number of Units issued to 9,341,285, at a price of $0.26 per Unit for gross proceeds of $2,428,734. This represents an increase $1.15 million over the original announced placement of $1.28 million, to cover over-subscriptions.
Each Unit consisted of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.55 for a period of 24 months following the closing of the Offering. After 4 months from closing, if the closing price of the Common Shares is at a price equal to or greater than $1.00 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by giving notice, via news release, to the holders of the Warrants that the Warrants will expire on the date that is 30 days after the issuance of said news release. The proceeds of the private placement are for the Company's general working capital, payment of property holding costs, payment of certain loans and accounts payable, and for exploration activities. The Company paid commissions of $650 to registered dealers in connection with this closing.
The Units issued pursuant to the second tranche of the Offering are subject to a four-month hold period under applicable Canadian securities laws ...
