EGR EXPLORATION LTD. Announces Closing of Convertible Note Financing Completed In Conjunction with a Debt Settlement Agreement
VANCOUVER, British Columbia – TheNewswire - November 22, 2022 -- EGR EXPLORATION LTD. (TSXV:EGR) (“EGR” or the “Company”) is pleased to announce that it has closed its non-brokered private placement of an unsecured convertible note (the “Convertible Note”) with its third-party creditor previously announced in the Company’s news release of October 27, 2022.
Daniel Rodriguez, CEO and Director commented, “The approval of the Convertible Note from the TSX is one more step in settling past incurred liabilities. The settlement terms have been well received news by many of our shareholders. We continue to make progress in building EGR.”
The Convertible Note having an aggregate principal amount of $150,000 is comprised of a two-year term, 0% interest and is convertible into common shares of the Company at a conversion price of $0.18 per common share in the first year, and at the greater of i) market price and ii) $0.10 if converted in the second year.
The Convertible Note and any securities issuable upon conversion or exercise thereof, will be subject to a statutory hold period of four (4) months and one day expiring on March 23, 2023.
About EGR Exploration Ltd.
EGR Exploration Ltd. is exploring for gold in the Detour-Fenelon Gold Trend approximately 300 kilometers north of Timmins, Ontario. EGR’s 39,217 hectare Detour West gold project is contiguous to Agnico Eagle’s property which contains the Detour Lake Gold Mine and is approximately 20 kilometers from the mine which is also hosted in the Abitibi Greenstone Belt.
For further information contact:
CEO & Director
Phone: (604) 353-4080
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.