Evergold Corp (TSX-V:EVER, OTC:EVGUF) has announced a non-brokered private placement to raise aggregate gross proceeds of up to $1.5 million by issuing a combination of flow-through units at $0.06 each and hard-dollar units of the company at $0.055 each.
Most of the gross proceeds from the flow-through units will go towards the first-ever drilling of the newly optioned DEM Property, which hosts a large-scale copper-gold-silver porphyry target while the net proceeds from hard dollar units will be used mainly for exploration activities and for general working capital purposes.
Each flow-through unit will comprise one common share of the company and one common share purchase warrant. Each warrant entitles holders to acquire one additional common share at $0.08 per warrant share for 24 months after the offering closes. Each hard dollar unit will comprise one common share and one warrant.
The offering is expected to close around September 27, 2023.
Evergold is a mineral exploration company with projects in British Columbia and Nevada.