Endurance Gold Completes Oversubscribed LIFE Private Placement of Flow-Through Units and Units for Aggregate Gross Proceeds of Approximately C$8.3 Million
Executive Summary
- Endurance Gold Corporation completed its previously announced best‑efforts private placement, raising $8,342,082.50 in aggregate gross proceeds.
- The offering consisted of 4,188,500 FT Units at $0.955 each (gross $4,000,017.50) and 6,680,100 HD Units at $0.65 each (gross $4,342,065).
- Proceeds will be used for eligible Canadian flow‑through exploration expenses (FT Units) and for drilling, exploration, testing at the Reliance Gold Project plus working capital/general corporate purposes (HD Units).
Key Details
- Units Sold
- FT Units: 4,188,500 units @ $0.955 per unit → $4,000,017.50 gross.
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HD Units: 6,680,100 units @ $0.65 per unit → $4,342,065 gross (includes 526,250 over‑allotment units).
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Unit Composition
- FT Unit = 1 common share + ½ of a flow‑through warrant (warrant exercisable at $0.90 until 11 Mar 2028).
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HD Unit = 1 common share + ½ of a non‑flow‑through warrant (same exercise terms).
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Agent Compensation
- Cash commission to agents: C$457,232.35.
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Broker warrants issued to agents: 568,410 warrants @ C$0.75 exercise price, exercisable until 11 Mar 2028.
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Use of Proceeds – FT Units
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Amount equal to gross proceeds from FT Units will be allocated to eligible Canadian exploration expenses that qualify as flow‑through mining expenditures, to be incurred (or deemed incurred) by 31 Dec 2027 and renounced to initial subscribers by 31 Dec 2026.
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Use of Proceeds – HD Units
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Funding for drilling, exploration, testing at the Reliance Gold Project and for working capital/general corporate purposes.
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Related Party Transaction
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Insiders subscribed for 540,000 HD Units; transaction deemed a related‑party transaction but did not exceed 25 % of market cap, so TSXV exemption thresholds were met.
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Regulatory Notes
- Offering subject to final acceptance by the TSX Venture Exchange.
- FT and HD Units offered under NI 45‑106 “listed issuer financing” exemption; broker warrants subject to a four‑month hold period.
Notable Quotes
“The successful completion of this private placement provides us with the capital needed to advance our exploration programs and continue delivering value to our shareholders.” – Robert Boyd, President & CEO
Materiality: Material – Positive (significant financing that enables continued exploration and development activities).