/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, June 15, 2020 /CNW/ - Eclipse Gold Mining
Corp. ("Eclipse" or the "Company") (TSXV:EGLD)
(USOTC:EGLPF) is pleased to announce that it has entered into an
agreement with a syndicate of underwriters (the
"Underwriters") co-led by Beacon Securities Limited
("Beacon") and Canaccord Genuity Corp. The Underwriters have
agreed to purchase, on a bought deal basis, 10,700,000 common
shares (the "Shares") in the capital of the Company at a
price of $0.75 per Share (the
"Offering Price") for aggregate gross proceeds to the
Company of $8,025,000 (the
"Offering").
The closing of the Offering is expected to occur on or about
July 7, 2020 (the "Closing
Date") and is subject to the completion of formal documentation
and receipt of all regulatory approvals, including the approval of
the TSX Venture Exchange. The net proceeds from the Offering will
be used for working capital and general corporate purposes.
The Company has granted the Underwriters an option (the
"Over-Allotment Option"), exercisable, in whole or in part,
by Beacon, on behalf of the Underwriters, giving notice to the
Company at any time and from time to time up to 30 days following
the Closing Date, to purchase, or to find substituted purchasers
for, up to an additional number of Shares equal to 15% of the
number of Shares sold pursuant to the Offering at the Offering
Price to cover over-allotments, if any, and for market
stabilization purposes.
The Shares to be issued under the Offering will be offered by
way of a short form prospectus to be filed in the Provinces of
British Columbia, Alberta and Ontario (and such other Provinces as agreed
between the Company and the Underwriters) and by private placement
to eligible purchasers resident in jurisdictions other than
Canada that are mutually agreed by
the Company and Beacon, provided that no prospectus filing or
comparable obligation arises and the Company does not therefore
become subject to continuous disclosure obligations in such
jurisdiction.
The Shares being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended ("U.S. Securities Act") and may not be offered or
sold in the United States or to,
or for the account or benefit of, "U.S. persons" (as defined in
Regulation S under the U.S. Securities Act) absent registration or
an applicable exemption from the registration requirements. The
Shares may be offered in the United
States to Qualified Institutional Buyers (as defined in Rule
144A under the U.S. Securities Act) pursuant to exemptions from the
registration requirements under rule 144A of the U.S. Securities
Act. This news release will not constitute an offer to sell or the
solicitation of an offer to buy nor will there be any sale of the
securities in any State in which such offer, solicitation or sale
would be unlawful.
About Eclipse Gold Mining Corp.
Eclipse Gold Mining is exploring the district-scale Hercules
gold property within Nevada's
Walker Lane trend. The Hercules
property is located only a one hour drive from Reno, and appears to have all the
characteristics of a large, low-sulphidation epithermal gold
system. The Company brings together a team with collective funding
of over $2 billion in both strong and
weak markets, and a track record of at least nine successful
buyouts/exits.
ON BEHALF OF THE BOARD OF DIRECTORS:
Michael G. Allen, P. Geo
President, CEO and Director
Forward Looking Information and Other Cautionary
Statements
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release. This
press release includes "forward-looking information" that is
subject to a few assumptions, risks and uncertainties, many of
which are beyond the control of the Company. Statements regarding
listing of the Company's common shares on the TSXV are subject to
all of the risks and uncertainties normally incident to such
events. Investors are cautioned that any such statements are not
guarantees of future events and that actual events or developments
may differ materially from those projected in the forward-looking
statements. Such forward-looking statements represent management's
best judgment based on information currently available. Factors
that could cause the actual results to differ materially from those
in forward-looking statements include regulatory actions and
general business conditions. Such forward-looking information
reflects the Company's views with respect to future events and is
subject to risks, uncertainties and assumptions, including those
set out in the Company's final prospectus dated February 6, 2020 and filed under the Company's
profile on SEDAR at www.sedar.com. The Company does not undertake
to update forward–looking statements or
forward–looking information, except as required by
law. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments
may differ materially from those projected in the forward-looking
statements.
SOURCE Eclipse Gold Mining Corporation