EGR Exploration Ltd. (TSX-V:EGR) said it has received 500,000 common shares of Harvest Gold Corporation as part of a mineral property option agreement for the Urban Barry property.
The shares, issued at a deemed price of C$0.035 per share, mark the second payment under the agreement signed with Harvest last year.
A final tranche of shares is expected in December 2025, the company said.
EGR is also progressing its private placement to raise C$750,000 through a combination of hard dollar units priced at C$0.05 and flow-through shares at C$0.06. Each hard dollar unit includes one common share and one half-warrant, with each whole warrant allowing the purchase of one additional share at C$0.10 for 24 months following closing. The offering is set to close by year-end.
Proceeds from the flow-through shares will fund a reverse circulation (RC) drill program at the Detour West property this winter, where permitted drilling will target three fences. Funds raised from the hard dollar units will support corporate working capital.
“We are pleased with the work that Harvest continues to do on the Urban Barry property,” said Daniel Rodriguez, CEO of EGR Exploration.
“We continue to be supportive shareholders and wish them great success in their exploration efforts.”
Rodriguez added that EGR remains focused on securing the financing to begin drilling at Detour West this winter.
“We are optimistic about reaching our funding goal by year-end,” he said. “We are committed to maximizing value for our shareholders and advancing the Detour West project.”