EGR Exploration Ltd. announced that it has received CAD 0.95 million in funding
Each Unit consists of one common share of the Company and one half of one Common Share purchase warrant (each whole warrant and each Flow-Through Unit consists of one flow-through common share of the Company and a half Warrant. Each Warrant is exercisable by the holder thereof to acquire one Common Share at a price of CAD 0.22 for a period of 36 months expiring on May 15, 2026.
Finder's fees of CAD14,649 was paid in cash and 129,900 finder's warrants were issued to certain eligible parties. Each finder's warrant is exercisable at CAD 0.11 for a period of 12 months expiring on May 15, 2024. Insiders are participating in the Offering for CAD 116,950. The Company is relying upon exemptions from the valuation and minority shareholder approval requirements contained in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.
All securities issued with respect to the Offering will be subject to a hold period expiring on September 16, 2023.