News Article

E2Gold Announces Financing Up To $500,000

TORONTO, ONTARIO – November 30, 2023 – E2Gold Inc. (TSXV: ETU, OTCQB: ETUGF) (the “Company” or “E2Gold”) is pleased to announce that it proposes to complete a private placement (the “Offering”) pursuant to which it will issue up to 16,666,667 “flow-through” units (“FT Units”) at a price of $0.03 per FT Unit, to raise aggregate gross proceeds of up to $500,000.

Each FT Unit will be comprised of one “flow-through” common share of the Company (a “FT Share”) and one common share purchase warrant (a “Warrant”); with each whole Warrant exercisable to acquire one additional common share at a price of $0.05 for a period of 24 months from the date of issuance thereof.  Up to 50% of the Offering may be purchased by insiders.

The Offering remains subject to various closing conditions, including the approval of the TSX Venture Exchange.  An amount equal to the gross proceeds allocated to the sale of the FT Units will be used for expenditures which qualify as Canadian exploration expenses (“CEE”) that once renounced will qualify as “critical mineral mining expenditures” (within the meaning of the Income Tax Act (Canada)). The Company will renounce such CEE with an effective date of no later than December 31, 2023.  The Company intends to apply the gross proceeds from the Offering towards its proposed fall exploration program.

E2Gold also announces that it has granted 5,650,000 stock options to directors, officers, employees and consultants of the Company. The stock options are exercisable for a period of 3 years at a price of $0.05 and vest immediately.