VANCOUVER, BC, Sept. 29,
2023 /CNW/ - Eminent Gold Corp. ("Eminent" or the
"Company") (TSXV: EMNT) (OTCQB: EMGDF) announces, further
to its news releases dated June 28,
2023, July 26, 2023 and
September 15, 2023, that it has
closed the final tranche of its non-brokered private placement (the
"Offering"). This tranche consisted of 1,112,500 units of
the Company (the "Units"), bringing the total number of
Units issued to 3,017,500, at a price of $0.32 per Unit for gross proceeds of $965,600.
In addition to the Offering, the Company has completed the debt
settlement announced in its news release dated July 26, 2023 (the "Debt Settlement"). The
Debt Settlement was entered into with certain creditors to settle
an aggregate of $250,000 in debt (the
"Debt"). In settlement of the Debt, the Company issued
781,250 units of the Company (the "Settlement Units") at a
deemed price of $0.32 per Settlement
Unit.
Each Unit and Settlement Unit is comprised of one common share
in the capital of the Company (each, a "Share") and one
non-transferable Share purchase warrant (each, a
"Warrant"). Each whole Warrant will entitle the holder
to purchase one additional Share in the capital of the Company
(each, a "Warrant Share") for a period of 36 months from the
closing date at an exercise price of $0.50 per Warrant Share. If at any time
after four months from closing, if the closing price of the Shares
is at a price equal to or greater than $1.00 for a period of ten consecutive trading
days, the Company will have the right to accelerate the expiry date
of the Warrants by giving notice, via news release, to the holder
of the Warrants that the Warrants will expire on the date that is
30 days after the issuance of said news release.
The Company paid $12,000 in
finders' fees to arms length finders in the final tranche of the
Offering and issued 37,500 finders' warrants.
Certain insiders of the Company participated in the Offering and
Debt Settlement. Daniel McCoy, a
director of the company, was issued 100,000 Units and Michael Kosowan, a director of the Company, was
issued 468,750 Settlement Units for aggregate gross proceeds of
$182,000 (the "Insider
Participation"). The Insider Participation constitutes "related
party transactions" within the meaning of Multilateral Instrument
61-101 – Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company has relied
on the exemptions from the formal valuation and minority
shareholder approval requirements of MI 61-101 contained in
Sections 5.5(a) and 5.7 (a), respectively, of MI 61-101 in respect
of the Insider Subscriptions.
All of the securities issued in connection with the Offering and
Debt Settlement are subject to a statutory hold period of four
months plus a day from the date of issuance in accordance with the
policies of the Exchange and applicable securities legislation.
About Eminent
Eminent Gold is a gold exploration company focused on creating
shareholder value through the exploration and discovery of
world-class gold deposits in Nevada. Its multidisciplinary team has had
multiple successes in gold discoveries and brings expertise and new
ideas to the Great Basin. The Company's exploration assets in the
Great Basin include Hot Springs Range Project, Weepah,
Gilbert South and Spanish Moon
District.
ON BEHALF OF THE BOARD
"Paul Sun"
CEO and Director
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 release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements included in this news release constitute
forward-looking information or statements (collectively,
"forward-looking statements"), including those identified by the
expressions "anticipate", "assume" "believe", "plan", "estimate",
"expect", "intend", "may", "should", "will" and similar expressions
to the extent they relate to the Company or its management. The
forward-looking statements are not historical facts but reflect
current expectations regarding future results or events. This news
release contains forward looking statements. These forward-looking
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions which are difficult to
predict. Such statements are based on current expectations and
various estimates, factors and assumptions and involve known and
unknown risks, uncertainties and other factors. Such statements and
information are based on numerous assumptions regarding present and
future business strategies and the environment in which the Company
will operate in the future. The Company assumes no responsibility
to update or revise forward-looking information to reflect new
events or circumstances unless required by law. Readers should not
place undue reliance on the Company's forward-looking
statements.
SOURCE Eminent Gold Corp.