Endurance Gold Corporation (TSXV: EDG) announced this morning that it is increasing the size of its previously announced private placement. The firm is now targeting to raise $3.0 million through the offering.
The offering now consists of 7.5 million units, upsized from 6.25 million units, and still priced at $0.40 per unit. Each unit consists of one common share and one-half purchase warrant. Each warrant is exercisable for one common share at $0.55 per share within 24 months from closing.
“We have received significant interest in our financing from sophisticated investors and, amongst others, are very pleased to welcome Evanachan Limited, a corporation controlled by Mr. Robert McEwen, which committed to subscribe for 3,750,000 Units, about 50% [of] the increased Offering,” said CEO Robert T. Boyd.
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On top of McEwen subscribing to 50% of the placement, insiders are expected to subscribe 12.5% of the increased offering based on the company’s current commitments.
The net proceeds from the offering are being intended for exploration activities and general corporate purposes.
Endurance Gold last traded at $0.36 on the TSX Venture.
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