- American Eagle Gold (AE) is set to receive C$2.96 million in financing from Teck Resources (TECK.A)
- Teck’s investment amounts to 15 per cent of American Eagle’s issued and outstanding common shares on a non-diluted basis
- The capital fully funds American Eagle’s 6,000 m drill program and the advancement of ongoing exploration activities on its NAK Project in 2023
- American Eagle Gold is focused on exploring its NAK Project in the Babine Copper-Gold Porphyry District of central British Columbia
- American Eagle Gold (AE) last traded at $0.105 per share
American Eagle Gold (AE) is set to receive C$2.96 million in financing from Teck Resources (TECK.A).
The structured flow-through private placement involves the issuance of 14,400,000 flow-through common shares priced at $0.205.
Teck will subsequently acquire the tax-advantaged shares for $1.87 million, or $0.13 per share.
Teck’s investment amounts to 15 per cent of American Eagle’s issued and outstanding common shares on a non-diluted basis.
The capital fully funds American Eagle’s 6,000 m drill program on its NAK property, as well as the advancement of ongoing exploration activities at the NAK copper-gold porphyry project in Smithers, British Columbia.
Drilling, slated to recommence in June, will follow up on 2022’s broad intercepts of bornite-bearing copper-gold porphyry mineralization and better define multiple high-grade zones and prospective targets.
Historical drilling at NAK, while shallow, has defined a near-surface copper-gold system with a footprint greater than 1.5 km x 1.5 km.
“This investment affirms the value our team sees in NAK and solidifies our drilling and exploration plans for 2023,” stated Anthony Moreau, CEO of American Eagle Gold. “2023’s objective is to continue advancing our property by expanding its known mineralized footprint and identifying the high-grade source of the copper and gold on NAK.”
Closing of the offering is expected on or before May 30, 2023. The shares will be subject to a statutory hold period of four months plus one day.
American Eagle Gold is focused on exploring its NAK Project in the Babine Copper-Gold Porphyry District of central British Columbia.
American Eagle Gold (AE) last traded at $0.105 per share.
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