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Evergold Corp (TSXV:EVER) announced both regular and flow-through non-brokered private placements

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The company is looking to raise gross proceeds of up to $3.5 million from a combination of both placements. The regular units are priced at $0.50 per unit, and consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.60 for the first 12 months, or $0.70 if exercised in the second 12 months. The flow-through shares are priced at $0.70, with no warrants.

Additional Information:

Company: Evergold Corp.
Website: http://www.EvergoldCorp.ca
Stock Symbol: TSXV: EVER
Date Published: Aug 26, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Evergold Corp has announced both regular and flow-through non-brokered private placements.

The company is looking to raise gross proceeds of up to $3.5 million from a combination of both placements.

The regular units are priced at $0.50 per unit, and consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.60 for the first 12 months, or $0.70 if exercised in the second 12 months.

The flow-through shares are priced at $0.70, with no warrants.

The proceeds from the flow-through shares will be used to incur “Canadian exploration expenses” on the company’s Snoball and Golden Lion properties while the proceeds from the hard-dollar units will be used for both general working capital purposes and for exploration on the properties.

The shares are currently trading at $0.48.

Evergold went public in October 2019, raising gross proceeds of $3,450,000 from the placement of 17,250,000 units priced at $0.20 per unit.

Evergold has been assembled by a team with a record of recent success in British Columbia, combining four 100%-owned properties in prime geological real estate from one of BC’s best-known geologists, Charlie Greig, with seasoned management and a qualified board.

The company’s flagship assets consist of the 3,545 hectare Snoball property, located in the heart of BC’s famed Golden Triangle only 12 kilometres off highway 37, where the company believes it has located the source of a large, strong gold-silver anomaly up-slope of previous work, and the 5,099 hectare Golden Lion property, located in similar Stikine terrane rocks, at the north end of the Toodoggone region, where multiple strong gold-silver-copper targets have been outlined.

At the Snoball property, the Phase1 drill program was completed on August 17th, for a total of 2,799 meters in 13 holes, exceeding the 2,400 meters that were targeted.

Significant assays included 12.90 grams per tonne gold and 54.24 grams per tonne silver over 1.44 meters from 47.75 to 49.19 meters in hole SB20-005, within 3.19 grams per tonne gold and 28.37 grams per tonne silver over 9.62 meters from 42.00 to 51.62 meters.

At the Golden Lion property, 3,000 meters of Phase 1 drilling in 16 holes were scheduled to be completed on August 25th, with assays pending.

Kevin Keough, President and CEO, stated: “We welcome finders on this deal and believe we have strong developing prospects at both our flagship properties Snoball and Golden Lion, where we’ve recently executed Phase 1 drilling programs to good effect. Now we wish to get underway on our Phase 2 work. At Snoball, as per our August 18 news release, we’re in the very early stages of unfolding a potentially very exciting, high-grade, gold-silver vein system discovery in the heart of the Golden Triangle. We need to get new pads built in September while the weather is reasonably good, so we can continue drilling. At Golden Lion, where drilling is still underway, we’re strongly encouraged by broad intercepts of epithermal style veining and alteration at the GL1 ‘Main’ zone, and the potential identified by our geophysical programs for nearby mineralized intrusions. If possible, we’d like to be drilling out into October at Golden Lion.”

For more information, please visit the company’s website at www.EvergoldCorp.ca, contact Kevin Keough, President and CEO, at 613-622-1916 or by email at kevin.keough@EvergoldCorp.ca.

I’m Cassandra Bolinski for Investmentpitch Media