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TSX-V: VEIN | FSE: N071
TORONTO, April 5, 2017 /CNW/ - Enforcer Gold Corp. ("Enforcer Gold" or the "Company") (TSX-V: VEIN, FSE: N071) today announced its intent to complete a non-brokered private placement financing (the "Offering") for gross proceeds of up to $2 million.
Pursuant to the Offering, the Company expects to issue up to 4,000,000 flow-through shares ("Flow-Through Shares") at a price of $0.25 per Flow Through Share for gross proceeds of up to $1,000,000, as well as, 5,000,000 units ("Units") at a price of $0.20 per Unit for gross proceeds of up to $1,000,000. The proceeds from the sale of Flow-Through Shares will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) and will be renounced for the current taxation year. Osisko Mining Inc. (TSX: OSK) will be participating as a subscriber to this Offering.
Each Unit will consist of one common share in the capital of the Company and one half of one common share purchase warrant (each whole common share purchase warrant, (a "Unit Warrant"), with each Unit Warrant being exercisable to acquire one common share of the Company at a price of $0.30 for a period of 24 months following the closing date of the Offering.
A finder's fee of cash and share purchase warrants or a combination of both may be payable in connection with this Offering which will not exceed the maximum allowable under the policies of the TSX Venture Exchange. The offering and finder's fee are subject to completion and execution of appropriate documentation and acceptance for filing by the TSX Venture Exchange.
About Enforcer Gold Corp
Enforcer Gold Corp is earning a 100% interest in the 7300-square hectare high-grade Montalembert gold project located west of Chibougamau in Quebec's prolific Abitibi Greenstone Belt. The project is very well situated only 5 kilometers from a paved highway, hydro-electric power and with easy access to skilled labour, fuel, food and accommodation it makes exploration costs extremely low.
Two recent channel sample assays from the Galena vein, taken 20 meters apart along strike length, assayed 510.79 gpt Au over 1 meter and 118.79 gpt Au over 1 meter. Enforcer Gold has committed over $2.2M to fund its 2017 exploration program which includes; data compilation, ground and airborne geophysics, stripping of overburden, mapping, prospecting, channel sampling, RC and diamond drilling.
On behalf of the Board of Directors
Enforcer Gold Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this press release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATED SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
SOURCE Enforcer Gold
For further information: Steve Roebuck P. Geo., CEO, Tel: (647) 496-7983, Cell: (905) 741-5458, Email: [email protected]