TORONTO, April 12, 2017 /CNW/ - Enforcer Gold Corporation ("Enforcer" or the "Company") (TSX-V: VEIN FSE: N071) is pleased to announce an increase of its previously announced non-brokered private placement (as press released April 5, 2017) from $2 million to $4 million due to increased demand from various funds and additional institutional interest. The non-brokered private placement will consist of up to 10,000,000 units (the "Units") and up to 8,000,000 common shares to be issued on a "flow-through" basis (the "Flow-Through Shares") (the "Offering"). Each Unit will be comprised of one common share of the Company and one half of one common share purchase warrant (the "Warrant").
The Units will be offered at a price of $0.20 per Unit and the Flow-Through Shares will be offered at a price of $0.25 per Flow-Through Share for aggregate gross proceeds of up to $4 million. Each whole Warrant will be exercisable for one common share of the Company for a period of 24 months from the closing date of the Offering at an exercise price of $0.30. The proceeds from the sale of the 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. The offering is subject to TSX Venture Exchange approval.
About Enforcer Gold Corp
Enforcer Gold Corp is earning a 100% interest in the 7300 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: For further information regarding this news release contact: Steve Roebuck, CEO Tel: (647) 496-7983, Cell: (905) 741-5458, Email: [email protected]