BC, May 19, 2022 /CNW/ - Enduro Metals
Corporation (TSXV: ENDR) (OTCQB: ENDMF) ("Enduro Metals"
or the "Company") is pleased to announce that it has
closed its previously announced non-brokered private placement for
gross proceeds of $10,020,000.
Cole Evans, President, CEO &
Director, commented, "We've spent a significant amount of time
refining our Company's story, its project's technical merits, and
the potential pathway forward, and believe the Company is well
positioned to unlock value through tier one discoveries. Completing
this financing during the current market conditions is a testament
to the potential value of the Newmont Lake project."
"We'd like to thank all the participants in this financing.
Your belief in our team and the project is what motivates us to
reach our goals and milestones. We are welcoming some new strategic
investors, including our now single largest shareholder, as well as
some key financiers. With the closing of this financing, we can now
focus on one of the most important seasons for the Company as we
follow-up on our three-years of systematic exploration."
Details of the Private Placement
The private placement
consisted of 1,000,000 non-flow-through shares (the "NFT
Shares") at a price of $0.26 per
NFT Share, 3,333,334 flow-through shares (the "FT Shares")
at a price of $0.30 per FT Share and
24,000,000 charity flow-through shares (the "CFT Shares") at
a price of $0.365 per CFT Share
(collectively, the "Offering").
The Company intends to use the proceeds of the Offering for the
exploration of the Company's key projects located in the Golden
Triangle and for general working capital purposes. The gross
proceeds from the issuance of the FT Shares and the CFT Shares will
be used for "Canadian Exploration Expenses" (within the meaning of
the Income Tax Act (Canada), which will be renounced with an
effective date no later than December 31,
2022 to the purchasers of the FT Shares and the CFT
The Offering is subject to certain conditions including, but not
limited to, the receipt of the final approval of the TSX Venture
All securities issued in connection with the Offering are
subject to a four-month hold period which will expire on
September 20, 2022.
In connection with the Offering, the Company has paid Cantor
Fitzgerald Canada Corporation a cash fee of $60,000 and Canaccord Genuity Corp. a cash fee of
The securities offered have not been registered under the United
States Securities Act of 1933, as amended, and may not be offered
or sold in the United States
absent registration or an applicable exemption from the
About Enduro Metals
Enduro Metals is an exploration company focused on it's flagship
Newmont Lake Project; a total 654km2 property located
between Eskay Creek, Snip, and
Galore Creek within the heart of northwestern British Columbia's Golden Triangle. Enduro
entered into an option agreement to acquire 436km2 from
Romios Gold Resources who has carefully amalgamated the area since
2005 from numerous smaller operators. The remaining 202
km2 is owned 100% by Enduro and was acquired via staking
or cash purchase. Building on prior results, the Company's
geological team have outlined 4 deposit environments of interest
across the Newmont Lake Project including high-grade
epithermal/skarn gold along the McLymont Fault, copper-gold alkalic
porphyry mineralization at Burgundy, high-grade epithermal/skarn
silver/zinc at Cuba, and a large
9km x 4km geochemical anomaly hosting various gold, silver, copper,
zinc, nickel, cobalt, and lead mineralization along the newly
discovered Chachi Corridor.
On Behalf of the Board of Directors,
ENDURO METALS CORPORATION
As a continued effort to keep investors, interested parties and
stakeholders updated, we have several communication initiatives. If
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Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
This news release contains statements that constitute
"forward-looking statements". Such forward looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Enduro's actual results, performance or
achievements, or developments in the industry to differ materially
from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or that events or
conditions "will," "would," "may," "could" or "should" occur.
Although Enduro believes the forward-looking information
contained in this news release is reasonable based on information
available on the date hereof, by their nature forward-looking
statements involve assumptions, known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
The forward-looking information contained in this news release
represents the expectations of the company as of the date of this
news release and, accordingly, is subject to change after such
date. Readers should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While the company may elect to, it does not undertake
to update this information at any particular time except as
required in accordance with applicable laws.
SOURCE Enduro Metals Corporation