Vancouver, British Columbia--(Newsfile Corp. - December 8, 2016) - David H. Brett, President & CEO, EnGold Mines Ltd. (TSXV: EGM) ("EnGold"), reports that EnGold has closed a non-brokered private placement of 5,500,000 flow-through ("FT") units at $0.20 per unit (the "Units") for gross proceeds of $1,100,000 (the "Financing"). The Units consist of one FT share and one warrant to purchase one non-FT common share at a price of $0.30 for two years. The Financing, announced November 29th, 2016, was oversubscribed and increased by an additional 500,000 units, increasing the gross proceeds by $100,000. All securities issued under the Financing are subject to a mandatory 4 month hold period expiring April 8, 2017.
The proceeds of the financing will be used to fund exploration at EnGold's 100% owned Lac La Hache Property in the Cariboo region of BC, where drilling continues. The current phase of the program is expected to wrap up by mid-December, 2016.
$1,000,000 of the financing was subject to a cash finder's fee of 7% and issuance 350,000 (7%) finder's warrants to purchase one non-FT share per warrant at a price of $0.30 per share for a period of two years.
