Engineer Gold Mines Ltd. Announces Closure of Second Tranche of Private Placement
VANCOUVER, BC, Canada — August 14, 2026 — Leads & Copy — Engineer Gold Mines Ltd. has successfully closed the second tranche of its non-brokered private placement, initially announced on May 8, 2026. This tranche raised $85,250 through the issuance of 568,333 units, each priced at $0.15. Each unit comprises one common share and one share purchase warrant.
The warrants are exercisable for three years, expiring on August 14, 2029, at an exercise price of $0.20. These warrants include an acceleration clause that allows the company to shorten their expiry period to 30 days if the company’s common shares maintain a closing price of $0.35 or more for 10 consecutive trading days on the TSX Venture Exchange. The total proceeds from both the first and second tranches of the private placement now amount to $566,405.
All securities issued in this tranche are subject to a four-month-and-one-day hold period, concluding on December 15, 2026. In connection with the placement, certain eligible individuals, referred to as Finders, received commissions and finder warrants in accordance with TSX-V policies. Tranche two resulted in $400 in commissions and 2,667 finder warrants, also exercisable for three years at $0.20, subject to the same acceleration clause. The combined finder commissions for both tranches total $24,132 and 160,883 finder warrants.
Funds raised from this private placement will be allocated towards general working capital and exploration activities at the Engineer Gold Project located in British Columbia.
Insider participation of $35,250 in this tranche has been identified as a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. However, this participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the units acquired by the insider, and the consideration paid, do not exceed 25% of the Company’s market capitalization.
Engineer Gold Mines Ltd. is focused on the Engineer Gold Project, which spans approximately 18,319 hectares in northwestern British Columbia. The project comprises three key target areas: the Engineer Gold Mine, the TAG Property, and the Wann River prospect.
The historic Engineer Gold Mine, a past-producing underground gold-silver operation, saw production between 1910 and 1952, yielding approximately 14,263 tonnes grading 39.4 g/t gold and 19.5 g/t silver. An historical Inferred Mineral Resource for the Engineer and Double Decker veins, as of 2011 and amended in 2018, estimated 25,000 ounces of gold at a grade of 19 g/t, based on a 5.0 g/t gold cut-off. Engineer Gold Mines notes that a Qualified Person has not yet completed sufficient work to update this resource estimate, and additional exploration, including diamond drilling, is required for confirmation and the production of a current mineral resource estimate.
The TAG Property, situated approximately 6 kilometers north of the Engineer Mine, is associated with a 6km long mineralized system linked to the Llewellyn Fault. Historical diamond drill intervals from TAG include significant assays such as 1.7 g/t Au and 5.1 g/t Ag over 26.7 m, and 1.5 g/t Au and 8.05 g/t Ag over 42.1 m.
The Wann River prospect, located 4 kilometers south of the Engineer Mine, is considered a highly prospective and underexplored target. Exploration has identified a mineralized corridor spanning approximately 800 metres by 180 metres. This prospect is characterized as an orogenic gold target associated with the Llewellyn Fault. A notable grab sample from the Lum showing returned 263 g/t gold and 1,350 g/t silver. Historic diamond drilling in 2011 at Wann River yielded significant gold and silver intercepts, including 11.3 g/t Au and 76.2 g/t Ag over 1 m in one hole.
Linda Dandy, P.Geo., an Independent Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical content of this news release.
Source: Engineer Gold Mines Ltd.
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