Engineer Gold Mines has closed the second tranche of its non-brokered private placement, raising $85,250 through the issuance of 568,333 units priced at $0.15 each. Combined with the first tranche, total gross proceeds from the offering reached $566,405.

Each unit in the second tranche consists of one common share and one share purchase warrant. The warrants are exercisable at $0.20 for a three-year period expiring on August 14, 2029. An acceleration clause applies if the company's common shares close at or above $0.35 on the TSX Venture Exchange for 10 consecutive trading days, which would shorten the warrant expiry to 30 days following notice.

Securities issued under the second tranche carry a four-month and one-day statutory hold period expiring on December 15, 2026. The financing incurred finder fees of $400 and 2,667 finder warrants for the second tranche, bringing total cumulative finder commissions to $24,132 and 160,883 warrants. Insider participation of $35,250 in the latest tranche constituted a related party transaction under Multilateral Instrument 61-101 but was exempted from formal valuation and minority approval requirements because the acquisition value did not exceed 25% of the company's market capitalization.

Funds raised across both tranches will be allocated toward general working capital and ongoing exploration across the 18,319-hectare Engineer Gold Project in northwestern British Columbia. The financing closure coincides with active field programs at the property. Engineer Gold Mines initiated camp re-establishment and rehabilitation at the historic Engineer Mine and TAG project sites on August 6, 2026, to accommodate crews supporting current field activities.

The company is permitted to follow its Phase I exploration program with a Phase II program encompassing diamond drilling, excavator trenching, and induced polarization geophysical surveys in the Engineer Mine area. Alongside the financing and exploration push, Engineer Gold Mines expanded its property footprint by staking 41 new mineral claims between June 15 and July 12, 2026.

Read the full announcement: Engineer Gold Mines Closes Private Placement