/NOT FOR DISSEMINATION IN THE UNITED
STATES OR THROUGH U.S. NEWS WIRE SERVICES/
VANCOUVER, BC, July 12,
2022 /CNW/ - Eminent Gold Corp. (TSXV: EMNT)
(OTCQB: EMGDF) ("Eminent" or the "Company") is
pleased to announce, further to its news release dated June 21, 2022, that it has closed the first
tranche of its non-brokered private placement (the "Private
Placement") of 1,642,222 units (the "Units") at a price
of $0.45 per Unit for gross proceeds
of $739,000.
Each 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
$0.75 per Warrant Share. If at
any time after November 11, 2022 the
closing price of the Shares is at a price equal to or greater than
$1.50 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 a news release,
to the holders of the Warrants that the Warrants will expire on the
date that is 30 days after the issuance of said news release.
The Shares, Warrants and underlying Warrant Shares are subject
to a hold period that expires on November
12, 2022.
In connection with the closing, the Company paid $16,650.00 cash commission to arm's length
finders, representing 5% of the gross proceeds raised on the sale
of the Units placed by such finders.
Certain insiders of the Company participated in the offering and
subscribed for an aggregate of 160,000 Units for gross proceeds of
$72,000 under the Private Placement
(the "Insider Subscriptions"). The Insider Subscriptions
constitute "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.
About Eminent Gold Corp.
Eminent Gold Corp. 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 of Directors,
"Paul Sun"
CEO and Director
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.
SOURCE Eminent Gold Corp.