EnGold Closes $250,000 Final Tranche of $600,000 Flow-Through Financing

Vancouver, British Columbia--(Newsfile Corp. - August 20, 2020) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that the Company has closed a second and final tranche of a $600,000 non-brokered private placement (the "Placement"), issuing 3,334,668 flow-through units at a price of $0.075 per unit for gross proceeds of $250,100. The units consist of one flow-through common share and one half of one warrant, whereby each whole warrant will entitle the holder to purchase one non-flow-through common share at a price of $0.10 per share for a period of two years. The second tranche brings total flow-through funds raised under the placement to $600,100 in gross proceeds. All securities issued under final tranche of the financing are subject to a four month hold period expiring Dec 21, 2020. The gross proceeds will be used to explore the Company's Lac La Hache Project in the Cariboo region of BC.

The Company paid finder's fees in connection with the financing consisting of 7% cash and 7% finder's share purchase warrants entitling the holders to purchase one non-flow-through common share at a price of $0.10 per share for one year.

About EnGold

EnGold is a Vancouver-based copper, gold, silver, magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit and the G1 Copper Discovery and other targets within a large porphyry mineralizing system. With world class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.

EnGold Mines Ltd.
David Brett
President & CEO
For further info contact David Brett, 604-682-2421 or david@engold.ca

This news release may contain "forward‐looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements." Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62213