- Edgemont Gold (CSE:EDGM) has successfully completed its initial public offering to list on the Canadian Securities Exchange
- The company issued 3.55 million common shares to raise gross proceeds of C$355,400
- The proceeds will be used to fund exploration activities at the company’s Dungate copper-gold project, in British Columbia
- Mackie Research Capital, acting as agent for the offering, has been granted a 10 per cent cash commission and non-transferable options to acquire up to 355,400 shares
- Edgemont Gold (EDGM) will begin trading on the CSE on June 1, 2020
Edgemont Gold (CSE:EDGM) has successfully completed its initial public offering to list on the Canadian Securities Exchange.
The Vancouver-based company completed the listing through the issuance of 3.55 million common shares, generating gross proceeds of $355,400.
Under an agreement dated March 13, 2020, Edgmont Gold engaged Mackie Research Capital to act as the agent for the offering.
As compensation for its services, the company has issued Mackie Research Capital a cash commission worth 10 per cent of the gross proceeds, as well as non-transferable compensation options to acquire up to 355,400 common shares at a price of $0.10 each.
These options may be exercised over a period of 36 months from the commencement of trading.
With the initial public offering now complete, Edgemont Gold has a approximately 12.94 million shares issued and outstanding.
The proceeds raised under the offering will be used primarily to fund exploration activities at the company’s Dungate copper-gold project, as well as for general working capital purposes.
Located six kilometres south of Houston in British Columbia’s Omineca Mining Division, the Dungate project holds two claims and covers a total of 546.4 hectares.
In 2018, Edgmont Gold completed a brief exploration program, collecting six rock samples and eight soil samples. These samples confirmed the presence of copper-gold mineralisation.
Then, in 2019, the company contracted Mincord Exploration Consultants to undertake a property-wide soil sample survey, geological mapping and prospecting. This further confirmed copper and gold soil anomalies.
Edgemont Gold plans to undertake a phase one exploration program, commencing in June this year. The program is expected to include geological mapping and expanded induced polarisation surveys.
Edgemont Gold (EDGM) will begin trading on the CSE on June 1, 2020.