Eminent Gold holder Kinross lifts interest to 13.8%

Executive Summary

• Eminent Gold Corp. announced that strategic partner Kinross Gold Corp. exercised 3,787,118 common share purchase warrants, increasing Kinross's ownership stake to approximately 13.8% of Eminent's issued and outstanding common shares (non-diluted basis).
• The warrant exercise generated gross proceeds of $2,650,983 for Eminent, which will be used to resume drilling at the Hot Springs Range project and advance the Celts project toward drilling.
• In connection with the exercise, Eminent issued an additional incentive warrant for each warrant exercised, entitling Kinross to acquire shares at $1.50 per share until May 2, 2027.

Key Details

• Warrant Exercise: Kinross exercised 3,787,118 common share purchase warrants.
• Gross Proceeds: $2,650,983 raised by Eminent Gold Corp.
• Ownership Stake: Kinross now holds 11,361,355 common shares, representing approximately 13.8% of issued and outstanding common shares on a non-diluted basis.
• Pre-Exercise Ownership: Prior to the exercise, Kinross held 7,574,237 common shares and 3,787,118 warrants, representing ~9.7% (non-diluted) and 13.8% (partially diluted).
• Post-Exercise Ownership: Immediately following the exercise, Kinross holds 11,361,355 common shares and 3,787,118 Incentive warrants, representing ~13.8% (non-diluted) and 17.6% (partially diluted).
• Incentive Warrants Issued: For each warrant exercised, Eminent issued one additional incentive warrant.
• Incentive Warrant Terms: Each incentive warrant allows the holder to acquire one additional common share at a price of $1.50 per share.
• Incentive Warrant Expiration: May 2, 2027.
• Use of Proceeds: Funds will enable the resumption of drilling at the 100%-owned Hot Springs Range project and advance the Celts project toward drilling in the coming months.
• Regulatory Filing: An early warning report was filed by Kinross in accordance with National Instrument 62-103.

Notable Quotes

• Dr. Dan McCoy, CEO of Eminent Gold: "I would like to thank Kinross for their support. The proceeds from their warrant exercise will enable us to resume drilling at our 100-per-cent-owned Hot Springs Range project in the near term and to advance our Celts project toward drilling in the coming months."
• Dr. Dan McCoy, CEO of Eminent Gold: "We are also appreciative of Kinross's continued engagement with our technical team, as their insights have been and continue to be valuable to Eminent. Their participation provides further validation of the new oxide, Carlin-style gold system we are in the early stages of identifying."