Vancouver-headquartered EagleOne Metals (CSE:EAGL) has started trading on the Canadian Securities Exchange (CSE).
The listing follows the issuing of 4.8 million units for no additional consideration upon the exercise of the same amount of Series “A” special warrants, and the issuing of 2.65 million common shares for no additional consideration upon the exercise of the same amount of Series “B” special warrants.
Each unit comprises one common share and one share purchase warrant, exercisable for one additional common share at C$0.10 ($0.11) within five years.
eagleOne sold 2.6 million Series “A” special warrants at C$0.02 each on 28 September 2022, and the remaining 2.2 million Series “A” special warrants at C$0.05 each on 5 October 2022.
Meanwhile, 117,000 of the Series “B” special warrants were sold at C$0.10 each on 17 August 2023 and the remaining 2.4 million Series “B” special warrants at C$0.10 each on 19 October 2023.
In connection with the offering completed on 17 August 2023, EagleOne also issued 100,000
Series “B” special warrants to a crowdfunding portal in consideration of it providing crowdfunding
services to the company.
EagleOne holds an exclusive option to acquire a 100% interest in the Magusi West gold property, located 39km northwest of the city of Rouyn-Noranda in Québec.
The project comprises 11 contiguous mineral claims spanning around 563 hectares.
EagleOne says there has been a significant volume of historic drilling activity and other geological work completed on and around the Magusi West property.
CSE vice president, listings development James Black says the Abitibi Greenstone Belt has been the source of a number of significant gold discoveries.
The Abitibi Greenstone Belt in Canada extends from Wawa, Ontario to Chibougamau, Québec. The belt hosts over 120 mines and has produced over 200 million ounces of gold since 1901.
“There is still tremendous exploration potential in the region, and we wish EagleOne the best with its exploration program at Magusi West,” Black says.
EagleOne plans to complete a phase one exploration program in the fall of 2024.
The higher gold price is also spurring increased exploration activity in the sector, with the safehaven metal having only recently hit an all-time high of over US$2,500 ($3,680) an ounce.
Gold is currently selling for US$2,520 an ounce.
Hedley Widdup, CEO of specialist resources investor Lion Selection Group (ASX:LSX), told this news service last week that mergers and acquisitions activity will be a key trigger for a rise in the valuation of junior gold explorers and developers.
He says this will probably occur around the time interest rates soften, which will pave the way for “far greater risk appetite in the equity market”.
Write to Angela East at Mining.com.au
Images: Canadian Securities Exchange and EagleOne Metals
