ESGLF - EnviroGold Global Closes Third Tranche of Private Placement and Provides Corporate Update | Benzinga
TORONTO, July 19, 2024 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE:NVRO, OTCQB:ESGLF, FSE: YGK)) ("EnviroGold," or the "Company"), a technology company enabling the global mining industry to monetize valuable metals contained in mine waste and tailings in an environmentally friendly way, reduce environmental liabilities, and improve social and environmental outcomes, is pleased to announce that it has closed the third tranche of its previously announced non-brokered private placement (the "Financing") and issued 10,734,680 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $536,734. Each Unit consists of one common share (each, a "Common Share") and one full warrant (each, a "Warrant") exercisable to acquire one Common Share at a price of $0.08 per Common Share for a term expiring on April 30, 2026.
Together with the first two tranches of the Financing, the Company has raised aggregate gross proceeds of $1,378,734 after increasing the size of the Financing to $2,000,000, due to continuing investor interest. Additional tranches of the Financing may be closed at the discretion of the Company, on or before August 29, 2024.
EnviroGold CEO David Cam commented, "We are pleased with the results of this round of funding to date as it positions the Company to demonstrate its patented NVRO Clean Leach Process at a commercial scale for multiple global mining companies. This is a necessary step before revenue generating contracts commence.
Concurrent with this Financing, the Company's engagement with Sequoia Corporate Finance Pty. Ltd., to secure strategic partnerships and commercialisation funding is underway as the long-term value of having a viable and economic solution for mine tailings and environmental management is becoming more necessary and compelling".
EnviroGold intends to use the proceeds from the Financing to accelerate the establishment of the NVRO Clean Leach Process demonstration facility, to advance revenue generating customer relationships, and for general operating expenses.
All securities issued in connection with the Financing will be subject to a statutory hold period of four months from the date of issuance pursuant to applicable securities laws of Canada. No finder's fees were paid on this closing.
The Company is also pleased to announce the commissioning of the demonstration plant is progressing ahead of time and under budget, with tailings processing expected to commence in the coming weeks.
The Company has finalised the framework for its commercial license terms, that provides for a technology license fee payable by the Company's customers, quarterly, for the life of the tailings reprocessing operations using the NVRO ...