Vancouver, B.C., August 6, 2019. Engineer Gold Mines Ltd. (EAU:TSXV) ("Engineer Gold", or the "Company") announces it has closed a second tranche of its private placement, previously announced on June 5 and extended July 5, 2019. The Company also announces it has extended the private placement to September 5, 2019.
The Company has raised $320,000 through the issuance of 3,200,000 units ("Units") at a price of $0.10 per Unit. Each Unit is comprised of one common share and one-half of one share purchase warrant (a "Warrant"). Each whole Warrant is exercisable to purchase one common share of the Company at a price of $0.15 per share for a period of 30 months. All securities are subject to a four month hold period. The Company paid $25,600 in cash commissions and issued 256,000 broker Units. This is in addition to $559,000 raised through the issuance of 5,590,000 units previously announced by the Company in a first tranche closing (see July 5, 2019 news release). The proceeds will be used for the on-going Phase 1 exploration program at the Engineer Gold Mine Property, 32 km west of Atlin in northern BC, and general working capital.
About Engineer Gold Mines Ltd.
Engineer Gold is a recently listed Company focused on the exploration and development of the 100%-owned, 14,020 ha Engineer Gold Mine Property, centered on the Historic high-grade Engineer Gold Mine situated 32 km southwest of Atlin, B.C. Previous work has identified a small, Inferred high-grade gold Mineral Resource, numerous high-grade vein and shear-hosted bulk-tonnage gold exploration targets and a modest, high-grade gold production opportunity. Engineer Gold is fully permitted for surface and underground exploration drilling, small-scale test mining and on-site milling at the Engineer Gold Mine Property.
For additional information please visit the company website at www.engineergoldmines.com.
On behalf of the Board of Directors,
Mr. Brian P. Fowler, P.Geo.
President and Director
For further information, please contact:
Nelson Da Silva
Manager Corporate Communications
Cautionary Note Regarding Forward-Looking Statements
Neither 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.
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Engineer Gold Mines Ltd. which may cause actual results, performance or achievements of Engineer Gold Mines Ltd. to be materially different from the results, performance or expectation implied by these forward looking statements. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. 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.