TORONTO, March 03, 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 announce the successful closing of the second tranche of its non-brokered private placement (the “Offering”). The Offering was oversubscribed, underscoring robust investor confidence in the Company’s innovative solutions and growth strategy.
The strong demand for this financing round highlights growing market recognition of EnviroGold’s ability to unlock economic and environmental value from mine tailings and waste. The oversubscription reflects the commitment of both existing and new investors who share the Company’s vision for a cleaner, more sustainable future.
The second tranche of the Offering consisted of 17,825,815 units (the “Units”) of the Company, issued at a price of $0.10 per Unit, for aggregate proceeds of C$1,782,581.50. Each Unit was comprised of one common share (each a “Common Share”) and one half of one common share purchase warrant (with two such half warrants, being a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional Common Share at a price of $0.12 until February 27, 2027.
Additionally, an existing noteholder with a note maturing on June 5, 2025, elected to convert $170,810.96, comprising both principal and accrued interest, into 1,708,110 Units of the offering.
Together with the first tranche of the Offering, which closed on February 19, 2025, the Company has raised gross proceeds of $5,635,987.56, which included $232,690.40 in the form of debt settlements of principal and accrued interest due to convertible noteholders who elected to reinvest in the Offering and $228,715.66 from existing noteholders who elected to convert their principal and accrued interest into Units of the Offering. Of this, approximately C$3.02M has been used to repay the principal and interest on certain convertible notes issued on February 6 and 7, 2023, as previously announced on February 21, 2025. The remaining proceeds from the Offering will be allocated to general working capital purposes.
CEO David Cam commented: “We are thrilled by the overwhelming support for this private placement, which reinforces investor confidence in our mission and execution strategy. The oversubscription not only validates our innovative approach but also provides us with the capital to accelerate key initiatives, including the expansion of our strategic relationships, customer engagement and operational footprint and the further development of our proprietary clean technology solutions. These advancements strengthen our position as a leader in sustainable green metal recovery and responsible resource management.”
The net proceeds from the Offering will be strategically deployed to drive growth, enhance operational efficiencies, and advance the commercialisation of the Company’s proprietary reclamation technologies. By leveraging cutting-edge solutions, EnviroGold remains committed to reducing environmental liabilities while unlocking significant value from mine waste, aligning with the global shift toward sustainable resource management.
The Offering is subject to the receipt of all required regulatory approval, including acceptance of the CSE. All securities issued in connection with the Offering will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.
The Company paid finder’s fees of $122,524.89 cash and issued 3,362,749 Warrants on the same terms as above to qualified parties in connection with the first and second tranches of the Offering.
The Company also wishes to clarify that 4,680,619 Warrants were issued to finders from the private placement that closed on January 10, 2025, not 3,149,073 as previously noted in the Company’s January 13, 2025 news release.
The Company also announces that, due to continued investor interest, it may proceed with a third tranche of the Offering to raise up to an additional $500,000 on the same terms as noted above. Further details will be provided as they become available.
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 focused on shareholder value.
