financing announced2009-08-04 11:00 ET - News Release
Mr. Duncan McIvor reports
ENDURANCE ANNOUNCES PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $1.1-MILLION
EnduranceGold Corp. intends to complete a non-brokered private placement of fourmillion non-flow-through (NFT) units and one million flow-through (FT)shares, for gross proceeds of $1.1-million.
Each NFT unit will be priced at 22 cents, and consist of one commonshare and one-half non-transferable common share purchase warrant, eachwhole warrant entitling the holder to acquire one common share for aperiod of two years, exercisable at a price of 30 cents. The warrantwill be subject to earlier expiry if the Endurance Gold share closingprice is above 50 cents for 20 consecutive trading days, any time afterthe expiry of the hold period.
The one million FT shares will be priced at 22 cents.
Commissions of 7 per cent cash and 8 per cent broker warrants,issued on the same terms as the warrant described above, will be paidin connection with certain subscriptions under the private placement incash and or securities of the company.
The majority of proceeds of the NFT units portion of the financing willbe used to advance the company's 100-per-cent-owned Natrona Goldproperties, located in the Rattlesnake Hills of Wyoming, and forgeneral working capital. The flow-through portion of the financing willbe used to advance the company's Canadian property portfolio, includingthe Nechako property in British Columbia, and the Turner, Hutton andParkin properties in Ontario.