Evergold Announces Non-Brokered Private Placement of up to $5,000,000 for Drilling at Golden Lion, Toodoggone Region, Northern BC

Rhea-AI Summary

Evergold (OTC:EVGUF; TSX-V:EVER) announced a non-brokered private placement to raise up to $5,000,000 through hard-dollar units at $0.55 and flow-through shares at $0.65 to fund drilling and exploration at the Golden Lion project in northern Toodoggone, BC.

Proceeds from FT shares will be renounced for fiscal 2026 and qualifying expenditures incurred by December 31, 2027; closing is expected on or about April 1, 2026, subject to regulatory approvals.

Positive

• Up to $5.0M targeted to fund Golden Lion drilling and exploration
• Flow-through shares structured to finance Canadian exploration expenses and tax renunciation for 2026
• Planned 2026 program includes drilling, airborne geophysics, mapping, and soil sampling

Negative

• Issuance of HD Units and FT Shares will dilute existing shareholders
• HD Warrants exercise price at $0.80 creates potential further dilution if exercised
• Securities subject to regulatory approvals and a 4-month+1-day hold period delaying secondary liquidity

News Market Reaction – EVGUF

-86.14%

1 alert

-86.14% News Effect

On the day this news was published, EVGUF declined 86.14%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, ON / ACCESS Newswire / March 10, 2026 / Evergold Corp. (TSX-V:EVER)(US OTC:EVGUF)(WKN:A2PTHZ) ("Evergold" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement financing for aggregate gross proceeds of up to $5,000,000 through the issuance of a combination of hard-dollar units of the Company ("HD Units") at a price $0.55 per HD Unit, and flow-through shares ("FT Shares") at a price of $0.65 per FT share (the "Offering"). It is expected that proceeds from the sale of the FT Shares will be used largely for drilling and exploration at the Golden Lion project (the "Golden Lion Project") in the northern Toodoggone mining district.

The Golden Lion Project is Evergold's flagship project. It was last drilled in 2021 and intercepted significant gold/silver mineralization at the GL1 Main zone (See News, November 16, 2021) with the Company's best intercepts obtained in the final three holes. A property wide review of all the historical data has aided in the design of a systematic drill program to test the continuity of the mineralized zone both along trend and down dip of those intercepts.

In addition to drilling at the GL1 zone, the Company's proposed 2026 program will also be directed toward a large area in the northern part of the property that shows highly anomalous copper values in historical stream sediment, rock, and soil samples. This area was not previously explored by Evergold and had limited modern exploration. Following its option to acquire a 100% ownership interest in four inlier claim groups in this northern area (See News, July 9, 2025), the Company plans to fly property-wide airborne geophysics, and to undertake further geological mapping, soil sampling, and prospecting, with follow-up ground geophysical surveys likely.

Financing Details:

Each HD Unit will be comprised of one (1)common share in the capital of the Company (each a "Common share") and one half (0.5) of one Common Share purchase warrant (each whole warrant, a "HD Warrant"). Each HD Warrant will entitle the holder thereof to acquire one additional Common Share of the Company at an exercise price of $0.80 for a period of twenty-four (24) months following the closing of the Offering.

Each FT Share will be comprised of one (1)Common Share of the Company that qualifies as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada).

The gross proceeds from the issuance of the FT Shares will be used for "Canadian exploration expenses" on the Company's Canadian mineral properties, primarily the Golden Lion Project, and will qualify either as "flow-through critical mineral mining expenditures" or "flow-through mining expenditures" (the "Qualifying Expenditures"), each as defined in subsection 127(9) of the Income Tax Act (Canada). The Company intends to renounce the Qualifying Expenditures to subscribers of FT Shares for the fiscal year ended December 31, 2026 and to incur the Qualifying Expenditures on or before December 31, 2027. The net proceeds from the issuance of the HD Units will be primarily used for exploration activities at the Company's properties, as well as for general working capital purposes.

It is expected that the Offering will close on or about April 1, 2026, or such other date or dates that the Company may determine (the "Closing Date"), subject to the receipt of all required regulatory approvals, including the acceptance of the TSX-V. All securities issued and issuable in connection with the Offering will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Qualified Person

Charles J. Greig, M.Sc., P.Geo., the Company's Executive Chairman and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.

About Evergold

Evergold Corp. is focused on advancing the Golden Lion project, its 100%-owned, gold-silver (copper) project in northern British Columbia's prolific Toodoggone mining district. At the southern end of the Golden Lion Project, at the GL1 Main Zone, previous drilling by the Company, along with historical work, has outlined a near-surface, epithermal-style gold and silver bearing system with excellent potential for expansion along trend and down dip. The property was last explored by the Company in 2021, when the final three holes yielded some of the most significant gold-silver intercepts ever drilled on the property (see News January 17, 2022). To the north of the GL1 Main Zone, the property also has copper potential that is clearly evident in historical data, and which has been realized recently elsewhere in the district.

On Behalf of the Board of Directors

Alex Walcott, P.Geo
President ,CEO & Director
Tel: (604) 891-6200
alex.walcott@evergoldcorp.ca

For additional information, please contact:

Dylan Berg Capital Markets Advisor Tel: (604) 319-6180 dylan.berg@evergoldcorp.ca www.evergoldcorp.ca

Alex Walcott, P.Geo President ,CEO & Director Tel: (604) 891-6200 alex.walcott@evergoldcorp.ca

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 news release.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward- looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks related to the amendment of the size of the Offering and the completion, terms and expected closing date of the Offering, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE: Evergold Corp.

View the original press release on ACCESS Newswire

FAQ

What is Evergold (EVGUF) raising in the March 10, 2026 private placement?

Evergold is seeking to raise up to $5,000,000 in a non-brokered private placement. According to the company, proceeds will come from HD Units at $0.55 and FT Shares at $0.65 to fund Golden Lion exploration.

How will Evergold (EVGUF) use proceeds from the flow-through shares?

The FT Share proceeds will be used largely for drilling and exploration at Golden Lion. According to the company, Qualifying Expenditures will be renounced for fiscal 2026 and incurred by December 31, 2027.

What are the terms of the hard-dollar units and associated warrants for EVGUF?

Each HD Unit includes one common share and 0.5 HD Warrant; each whole warrant exercises at $0.80 for 24 months. According to the company, warrant exercise could create additional dilution if exercised.

When is the Evergold (EVGUF) offering expected to close and what approvals are needed?

The Offering is expected to close on or about April 1, 2026, subject to regulatory approvals. According to the company, TSX-V acceptance and other required approvals must be obtained prior to closing.

What exploration work will Evergold (EVGUF) perform at Golden Lion in 2026?

Evergold plans drilling at the GL1 Main zone plus airborne geophysics, mapping, soil sampling, and prospecting in northern claims. According to the company, follow-up ground geophysics is likely after initial surveys.