EGR Exploration Receives Shares from Urban Barry Option Agreement
Vancouver - EGR Exploration Ltd. (TSX-V:EGR) ("EGR" or the "Company") is pleased to announce that it has received 500,000 common shares (the "Shares") of Harvest Gold Corp. ("Harvest") pursuant to a mineral property option agreement (the "Option Agreement") entered into with Harvest on December 19, 2023, with respect to the Urban Barry property ("Urban Barry"). The issuance of the Shares represents the second payment required pursuant to the Option Agreement. The Shares were issued at a deemed price of $0.035 per share. Private Placement Update
EGR is continuing its efforts to raise $750,000 in a combination of Hard Dollar Units at $0.05 and Flow-Through Shares at $0.06. The Hard Dollar Units consist of one common share of the Company (each, a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable by the holder thereof to acquire one Common Share (a "Warrant Share") at a price of C$0.10 for a period of 24 months following the closing date of the Offering. The placement is anticipated to close by the end of the year.
The proceeds from the sale of Flow-Through Shares will be used to fund this winter's Reverse Circulation (RC) drill program on the Detour West property. The planned RC holes are permitted to drill three fences. In addition to the exploration, proceeds from the Units private placement will be used for corporate working capital.
CEO Comment
Daniel Rodriguez CEO & Director, commented: "We are pleased with the work that Harvest continues to do on the Urban Barry property. We continue to be supportive shareholders and wish them great success in their exploration efforts. This is the second payment of shares EGR has received and there is one final tranche next December."
"We continue to push to get the financing done so that we can get out in the field this winter to RC drill the Detour West property. We are optimistic about reaching our funding goal by year-end. We are committed to maximizing value for our shareholders and advancing the Detour West project."
About EGR Exploration Ltd.
EGR Exploration Ltd. is exploring for gold in the Detour-Fenelon Gold Trend, approximately 300 kilometres north of Timmins, Ontario. EGR's 34,681 hectare Detour West gold project is contiguous to Agnico Eagle's property which contains the Detour Lake Gold Mine and is approximately 20 kilometres from the mine, which is also hosted in the Abitibi Greenstone Belt.
For further information contact:
Daniel Rodriguez
CEO & Director
Phone: (604) 353-4080
Email: drodriguez@egrexploration.com
Forward?Looking Statement (Safe Harbor Statement): This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company's exploration plans. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals. Management has provided the above summary of risks and assumptions related to forward-looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. 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.
Copyright (c) 2024 TheNewswire - All rights reserved.