Ensign Minerals Inc. announced a non-brokered private placement to issue subscription receipts at an issue price of CAD 0.4 per subscription receipts for aggregate gross proceeds of up to CAD 4 million on November 13, 2023. The transaction will include participation from new investor, Taura Gold Inc. Each subscription receipt will entitle the holder thereof to receive, upon satisfaction of the escrow conditions, and without payment of any additional consideration, one unit in the capital of the company with each underlying unit consisting of one common share in the capital of company and one-half of one share purchase warrant. Each underlying warrant will entitle the holder thereof to acquire one additional underlying share, at an exercise price of CAD 0.60 per underlying share, for a period of 18 months from the issuance of the underlying units.

For context, the issue price is the equivalent of CAD 0.20 if the offering were to be conducted by investor. The financing is expected to close in one or more tranches, with the initial tranche expected to close on or about December 15, 2023. In connection with the financing, company may pay to one or more eligible finders a cash finder?s fee of 6% of the gross proceeds sold by each finder.