TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE: NVRO | OTCQB: ESGLF | FSE: YGK) (“EnviroGold”, or the “Company”), a clean technology company that monetises mine waste and tailings while reducing environmental and social liabilities, is pleased to provide details regarding a proposed non-brokered private placement.
The Company announces that it intends to complete a non-brokered private placement for gross proceeds of up to $4,000,000 (the “Offering”). The Company will be issuing units in the capital of the Company (the “Units” and each a “Unit”) at price of $0.10 per Unit. Each Unit will be comprised of one common share and one half of one transferrable common share purchase warrant (with two such half warrants being a “Warrant”). Each Warrant will be exercisable by the holder thereof to acquire one additional common share of the Company at a price of $0.12 for a period of two years from closing.
The proceeds of the Offering will be applied to the repayment of the principal and interest due from the convertible note financings which closed on February 6 and 7, 2023, and for general working capital purposes. Certain noteholders from the convertible note financings that closed on February 6 and 7, 2023, and June 5, 2023, have elected to reinvest the principal and interest due on their notes into the Offering.
The Company has received significant lead orders in the financing and expects the first tranche of the Offering to close on or about February 19, 2025, or such other date or dates that the Company may determine, subject to the receipt of all required regulatory approval, including acceptance of the CSE.
David Cam, CEO said, “We would like to thank the convertible note holders for their early support of the development of the Company’s technology and applaud the noteholders that have elected to reinvest their funds into the Company at this exciting time in its commercialisation and growth.”
All securities issued in connection with the Offering will be subject to a hold period of four months and one day from the closing date, in accordance with applicable Canadian Securities laws. The Company may engage a finder (the “Finder”) to assist with identifying investors for the Offering. Should the Company engage a Finder, the Company will pay a finder’s fee of cash and Warrants on the same terms as noted above.
Certain directors and officers of the Company may acquire Units under the Offering. Such participation will be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company anticipates relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related-party transactions under sections 5.5(b) and 5.7(1)(b), respectively, of MI 61-101, as neither the fair market value of the Units to be acquired by the participating directors and officers nor the consideration to be paid by such directors and officers is anticipated to exceed $2,500,000.
The securities issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and were not to be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
About EnviroGold Global
EnviroGold Global is a technology company enabling the global mining industry to monetise valuable metals from mine waste and tailings and reduce environmental liabilities. EnviroGold’s proprietary technology is at the leading edge of demand for precious and critical metals and greater social demand for better environmental outcomes. The Company operates on a technology license fee model with low capex requirements and intends to establish itself as a leading global technology company focussed on shareholder value.
