EnviroGold Global Limited (CSE: NVRO | OTCQB: ESGLF | FSE: YGK)
(“EnviroGold,” or the “Company”), a technology company enabling the
global mining industry to monetize valuable metals contained in
mine waste and tailings in an environmentally friendly way, reduce
environmental liabilities, and improve social and environmental
outcomes, is pleased to announce that it has closed the third
tranche of its previously announced non-brokered private placement
(the “Financing”) and issued 10,734,680 units (the “Units”) at a
price of $0.05 per Unit for aggregate gross proceeds of $536,734.
Each Unit consists of one common share (each, a “Common Share”) and
one full warrant (each, a “Warrant”) exercisable to acquire one
Common Share at a price of $0.08 per Common Share for a term
expiring on April 30, 2026.
Together with the first two tranches of the Financing, the
Company has raised aggregate gross proceeds of $1,378,734 after
increasing the size of the Financing to $2,000,000, due to
continuing investor interest. Additional tranches of the Financing
may be closed at the discretion of the Company, on or before August
29, 2024.
EnviroGold CEO David Cam commented, “We are pleased with the
results of this round of funding to date as it positions the
Company to demonstrate its patented NVRO Clean Leach Process at a
commercial scale for multiple global mining companies. This is a
necessary step before revenue generating contracts commence.
Concurrent with this Financing, the Company’s engagement with
Sequoia Corporate Finance Pty. Ltd., to secure strategic
partnerships and commercialisation funding is underway as the
long-term value of having a viable and economic solution for mine
tailings and environmental management is becoming more necessary
and compelling”.
EnviroGold intends to use the proceeds from the Financing to
accelerate the establishment of the NVRO Clean Leach Process
demonstration facility, to advance revenue generating customer
relationships, and for general operating expenses.
All securities issued in connection with the Financing will be
subject to a statutory hold period of four months from the date of
issuance pursuant to applicable securities laws of Canada. No
finder’s fees were paid on this closing.
The Company is also pleased to announce the commissioning of the
demonstration plant is progressing ahead of time and under budget,
with tailings processing expected to commence in the coming
weeks.
The Company has finalised the framework for its commercial
license terms, that provides for a technology license fee payable
by the Company’s customers, quarterly, for the life of the tailings
reprocessing operations using the NVRO Clean Leach Process.
The Company has initiated a project in collaboration with a
leading global advisory firm to outline the environmental
advantages, liability reduction, and risk mitigation benefits of
applying the NVRO Clean Leach Process to mine waste and tailings.
An anticipated outcome of the project is that EnviroGold customers
will be able to quantify the reduction in balance sheet
liabilities, directors’ personal liabilities, and environmental
liabilities associated with mine waste and tailings, as well as
access higher ESG ratings and potentially a lower Weighted Average
Cost of Capital. This will be in addition to the projected profits
for clients generated from the recovery of valuable metals from
tailings processed using the NVRO Clean Leach Process.
A deeper understanding of the environmental and risk mitigation
benefits of the NVRO Clean Leach Process will allow the Company to
reprofile its ESG value proposition to customers.
About EnviroGold GlobalEnviroGold Global is a
technology company enabling the global mining industry to monetise
valuable metals from mine waste and tailings and reduce
environmental liabilities. EnviroGold’s proprietary technology is
at the leading edge of growing requirements for precious and
critical metals and greater social demand for better environmental
outcomes. The Company operates on a technology license
fee model with low capex requirements and intends to establish
itself as a leading global technology company focussed on
shareholder value.
ContactMr. David Cam, CEOTelephone: +1 416 842
9003Email: InvestorRelations@EnviroGoldGlobal.com
Forward-Looking StatementsThis news release
contains “forward-looking statements” within the meaning of
applicable securities laws, including, without limitation, earnings
guidance, economic guidance, operational guidance and future
capital spending amounts. All statements contained herein that are
not clearly historical in nature may constitute forward-looking
statements. Generally, such forward-looking information or
forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or may contain
statements that certain actions, events or results “may”, “could”,
“would”, “might” or “will be taken”, “will continue”, “will occur”
or “will be achieved”. The forward-looking information and
forward-looking statements contained herein include, but are not
limited to, statements pertaining to the use of funds from the
Financing, the anticipated closing date of additional tranches of
the Financing, if any, the timing and costs associated with
commissioning the demonstration plant to process tailings using the
NVRO Clean Leach Process, any associated environmental and risk
mitigation benefits with using the NVRO Clean Leach Process, and
the Company’s ability to accelerate the world’s transition to a
circular resource economy. Forward-looking information in this news
release are based on certain assumptions and expected future
events, namely: the Company’s ability to continue as a going
concern; the continued commercial viability and growth in the clean
technology and mining waste reprocessing industry; continued
approval of the Company’s activities by the relevant governmental
and/or regulatory authorities; the continued development of clean
technology and mining waste reprocessing technology; and the
continued growth of the Company. These statements involve known and
unknown risks, uncertainties and other factors, which may cause
actual results, performance or achievements to differ materially
from those expressed or implied by such statements, including but
not limited to: the potential inability of the Company to continue
as a going concern; the Company’s inability to accelerate the
world’s transition to a circular resource economy, the risks
associated with assessing metallurgical recovery rates from mine
tailings and waste and related volumetric assessments, the risks
associated with the mining and mining waste recycling industry in
general; increased competition in the clean technology and waste
reprocessing market; the potential unviability of the clean
technology and mining waste reprocessing market; incorrect
assessment of the value and potential benefits of various
transactions; risks associated with potential governmental and/or
regulatory action with respect to clean technology and mining waste
reprocessing; risks associated with a potential collapse in the
value of clean technology and waste reprocessing; and risks
relating to the Company’s potential inability to expand its
reprocessing pipeline.
Readers are cautioned that the foregoing list is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement and reflect the
Company’s expectations as of the date hereof and are subject to
change thereafter. The Company undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, estimates or opinions, future events or results or
otherwise or to explain any material difference between subsequent
actual events and such forward-looking information, except as
required by applicable law.
Neither the Canadian Securities Exchange nor its Market
Regulator (as that term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. This press release 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. The securities
described in this news release have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”) or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.