Eskay Mining Corp: Announces Non-Brokered Private Placement and Secures Drill for 2020 Drill Program
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TORONTO, ON / ACCESSWIRE / July 28, 2020 / Eskay Mining Corp. (“Eskay” or the “Company”) (TSXV:ESK) (OTC PINK:ESKYF) (Frankfurt:KN7) (WKN: A0YDPM) wishes to announce that it is commencing a non-brokered private placement offering of up to 3,500,000 flow-through units (the “FT Units”) of the Company at a price of $0.645 per FT Unit for up to $2,257,500 and up to 4,500,000 working capital units (“WC Unit”) at a price of $0.45 per WC Unit for up to $2,025,000 (the “Offering”) to fund its 2020 exploration.
Each FT Unit comprises one (1) flow-through common share of the Company and one (1) common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one (1) common share at a price of $0.80 for two (2) years from the closing of the Offering (the “Closing”).
Each WC Unit comprises one (1) common share of the Company and one (1) common share purchase warrant (a “WC Warrant”). Each WC Warrant entitles the holder to acquire one (1) common share at a price of $0.80 for two (2) years from the Closing.
All securities to be issued pursuant to the Offering will be subject to a statutory four month and one day hold period from the Closing and regulatory approval.
The Company is also pleased to announce that it has secured a diamond drill through Driftwood Diamond Drilling Ltd to undertake a minimum 3,000 m drill program this exploration season. Drilling is expected to commence in a few weeks after the Company has reviewed incoming geophysical data designed to refine drill targeting at multiple precious metal rich volcanogenic massive sulphide targets.
Dr. Quinton Hennigh, P. Geo., the Company’s technical adviser, and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this press release.
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