Toronto, Ontario – November 16, 2020 – Evergold Corp. (TSX-V: EVER, OTC: EVGUF, FRA: 5EG) (“Evergold” or the “Company”). As announced on October 9, the Company had chosen to await initial assays from drilling this summer at the Company’s promising GL 1 Main target, located on the Golden Lion property in northern B.C., prior to completing the second tranche of its previously announced (news, August 26 and 28) tranched private placement (the “Offering”). Following inordinate delays, in the past two weeks assay results have begun to arrive with some regularity from the laboratory, and the release of drilling results from Golden Lion is now imminent. However, the TSX Venture Exchange (the “Exchange”) advises that the time limit for closing of the second tranche has expired, and further extensions will not be granted. Accordingly, the Company has decided to file with the Exchange formal closing documents for the August 26/28 financing, and shall instead announce in the very near future, a new financing in place of the previously anticipated second tranche.
The Offering consisted of the sale of 2,173,600 hard dollar units (“HD Unit”) to a fund and retail investors at a price of $0.50 per HD Unit for gross hard dollar proceeds of $1,086,800, plus the sale of 325,000 flow-through shares (“FT Shares”), all to retail investors, at a price of $0.60 per FT Share, for gross flow-through proceeds of $195,000. Gross proceeds, hard dollars and flow-through combined, amounted to $1,281,800.
About Evergold
Evergold Corp. 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, C.J. (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 drilling this summer by the Company achieved the discovery of a new high-grade gold-silver system on Pyramid Peak, and the 5,099 hectare Golden Lion property, located well to the east of Snoball in similar Stikine terrane rocks, at the north end of the Toodoggone region, where drilling by Newmont in a declining gold price environment in 1984 returned encouraging intercepts that were never pursued until Evergold’s recent exploration efforts on the property.
For additional information, please contact:
Kevin M. Keough
President and CEO
Tel: (613) 622-1916
www.evergoldcorp.ca
kevin.keough@evergoldcorp.ca
