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EnviroGold Global Announces Closing of First Tranche of Private Placement Led by Management & Insiders

EnviroGold Global Announces Closing of First Tranche of Private Placement Led by Management & Insiders

EnviroGold Global Limited, a Clean Technology Company accelerating the world’s transition to a circular-resource economy through the production of Metals Without Mining, is pleased to announce that it has closed on the first tranche (the “First Tranche”) of a non-brokered private placement (the “Private Placement”) for gross proceeds of up to C$5,000,000. In connection with the First Tranche, which was significantly supported by management and insiders, including the Board of Directors, the Company issued 2,815,170 Common Shares at a price of C$0.41 per Common Share for aggregate gross proceeds of C$1,154,219.66. The Company intends to close the second tranche of the Private Placement on or before March 18, 2022. No finders’ fees have been paid on the First Tranche of the Private Placement.

The Company intends to use the gross proceeds from the Private Placement to accelerate the achievement of commercial metal production in 2022, develop the Company’s global tailings reprocessing portfolio and provide for general working capital.

Recent major milestones announced by the Company include:

  • 83.5% Gold recovery rate and 94.6% Silver recovery rate demonstrated on the Hellyer Refractory Tailings with 634k oz Gold, 22.9M oz Silver and 419k tonnes Copper-Lead-Zinc with grades of 2.60 g/t Au, 94 g/t Ag, 2.33% Zn, 3.01% Pb and 0.19% Cu Contained in 6.37Mt of Measured & Indicated and 1.21Mt of Inferred Resources detailed in a 2020 JORC Historical Estimate
  • Substantial Additional Tailings Indicated by Independent Geophysics Survey and Permitting Approval for the Buchans Tailings Reprocessing & Metal Recovery Project in Newfoundland and Labrador, Canada

See related article: Veolia North America, DuPont Partnership Achieves Significant Reductions in Greenhouse Gas Emissions

Shares issued in the second tranche of the non-brokered private placement will be priced at C$0.41 per Common Share. The Shares will be subject to a statutory hold period in Canada of four months plus one day from the Closing Date.   The Company may engage a finder (the “Finder”) to assist with identifying investors for this offering. Should the Company engage a Finder, the Company will pay a finder’s fee.

None of the securities issued in connection with the Private Placement will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them will be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.

Source: EnviroGold Global Limited


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