TORONTO, Dec. 24, 2021 /CNW/ - American Eagle Gold
Corp. (TSXV: AE) ("American Eagle" or the "Company")
is pleased to announce that it has received final approval from the
TSX Venture Exchange (the "Exchange") and has closed on the
acquisition of an option to acquire a 100% interest in the NAK
property ("Project") in the Babine Copper-Gold Porphyry
district in central British
Columbia. American Eagle also announces that it has closed
on a $1,510,774 Flow-Through
Financing.
NAK Acquisition
The NAK acquisition offers American Eagle Gold a valuable
risk-reward proposition to drill test a new geophysical feature
within a well-understood geologic environment. NAK's known
copper-gold porphyry mineralization is open at depth and is defined
by a compelling geophysical signature analogous to Newcrest's
Red Chris Mine and Newmont's Tatogga
project located in Northwest BC. The acquisition of NAK was
supported by the analysis and reinterpretation of geochemical,
geophysics and drilling data, all of which demonstrated
coincidental anomalies.
Click Here For Presentation on NAK
Acquisition
Private Placement Financing Closed
The Company has closed its previously announced private
placement (the "Offering") of 10,791,244 flow-through units
(the "FT Units") at a price of $0.14 per FT Unit, for gross proceeds of
$1,510,774. Each FT Unit consists of
one common share of the Company to be issued as a "flow-through
share" within the meaning of the Income Tax Act (Canada) (a "FT Share") and one half of
one common share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant will entitle the holder thereof to
purchase one common share at a price of C$0.25 at any time for a period of 24 months from
the closing of the Offering.
The funds will go towards the advancement and exploration of the
Project.
The gross proceeds from the issue and sale of the FT Shares will
be used for Canadian exploration expenses and will qualify as
"flow-through mining expenditures", as defined in subsection 127(9)
of the Income Tax Act (Canada),
which will be incurred on or before December
31, 2022 and renounced to the subscribers with an effective
date no later than December 31, 2021
in an aggregate amount not less than the gross proceeds raised from
the issue and sale of the FT Shares.
As consideration for services provided by certain finders in
connection with the Offering, the Company paid finder's fees
consisting of (i) cash consideration of $98,754.19, and (ii) 705,387 finder's warrants,
each such finder's warrant entitling the holder to obtain one
common share of the Company (a "Finder's Share") at a price
of $0.14 per Finder's Share for a
period of 24 months from the closing of the Offering.
All securities issued and sold pursuant to the Offering will be
subject to a four-month-and-one-day hold period in accordance with
applicable Canadian securities laws. Closing of the Offering was
subject to all necessary regulatory approvals including final
approval from the TSX Venture Exchange.
About American Eagle Gold Corp.
American Eagle Gold is traded on the TSX Venture Exchange under
the symbol 'AE' and is focused on exploring its flagship property,
Golden Gate. The Property is on the Cortez Trend, which hosts three
large Carlin-type gold deposits operated by Barrick and Newmont's
Joint Venture, Nevada Gold Mines
(Pipeline, Cortez Hills and
Goldrush). The Property is located 10 km south of Cortez Hills
and 5 km south of Goldrush and shows many of the same geological
characteristics as at the two deposit areas.
QP Statement
American Eagle's Vice President of Exploration, Mark Bradley, B.Sc., M.Sc., P.Geo., a Certified
Professional Geologist and 'qualified person' for Canada's National Instrument 43-101 Standards
of Disclosure for Mineral Properties, has verified and approved the
information contained in this news release.
www.americaneaglegold.ca
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the TSX Venture Exchange
policies) accepts responsibility for the adequacy or accuracy of
this release. Certain information in this press release may contain
forward-looking statements. Forward-looking statements in this
press release include, but are not limited to, statements regarding
whether the Company will be able to exercise its option to acquire
the Project as anticipated, and whether the Company's exploration
efforts on the Project produce the results that are anticipated by
management. This information is based on current expectations that
are subject to significant risks and uncertainties that are
difficult to predict. Actual results might differ materially from
results suggested in any forward-looking statements. American Eagle
Gold Corp. assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those reflected in the forward looking-statements
unless and until required by securities laws applicable to American
Eagle Gold Corp. Additional information identifying risks and
uncertainties is contained in filings by American Eagle Gold Corp.
with Canadian securities regulators, which filings are available
under American Eagle Gold Corp. profile at www.sedar.com.
SOURCE American Eagle Gold Corporation