Enduro Metals Raises $8.9 Million Via Private Placement Offerings
Enduro Metals (ENDR.V) closed its previously announced "best efforts" private placement and a concurrent private placement for aggregate gross proceeds of $8.9 million, it said Thursday.The LIFE offering was comprised of near 9.4-million non-flow-through units (NFT units) at $0.16 apiece and more than 28.6-million flow-through units sold on a charitable flow-through basis at $0.22 per FT unit, for $7.8 million. The concurrent private placement was comprised of near 6.6-million NFT units at $0.16 apiece for $1.1 million on a private placement basis.Each NFT unit consists of one common share and one-half of one common share purchase warrant. Each FT unit consists of one common share and one-half of one warrant, each of which qualify as a "flow-through share".Starting on the 61st day after issuance, each warrant entitles the holder to buy a non-flow-through common share at $0.24 for a three-year period from issuance, it said. Insiders of the company participated in the offering and subscribed for a total of 625,000 offered securities.The company will use an amount equal to proceeds from the sale of the FT units to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" and as "BC flow-through mining expenditures" related to its projects in British Columbia, Canada on or before Dec. 31, 2027. All qualifying expenditures will be renounced in favour of the subscribers effective Dec. 31, 2026, said the company.Proceeds from the sale of NFT units will be used for exploration and development at its mineral projects and for working capital and general corporate needs.Shares were last seen down $0.005 or 2.7% at $0.18 on the TSX Venture Exchange.Price: $0.18, Change: $-0.01, Percent Change: -2.70%
