08:26 AM EDT, 10/20/2025 (MT Newswires) -- EnviroGold Global ( ESGLF ) said Monday that it closed an upsized $7.5 million private placement following strong investor demand.

EnviroGold plans to use the proceeds to advance its technology development, engineering programs and commercial roadmap. The company's technology seeks to recover high-value metals from mine waste and tailings while reducing environmental liabilities.

The company issued 83,547,080 units at $0.09 apiece. Each unit consists of one share and one warrant. Each warrant can be exercised at $0.13 per share for 36 months.

The offering was increased from the original $5 million target.

"This raise strengthens our balance sheet and accelerates our commercialization efforts," chief executive officer David Cam said. "Our focus remains clear: closing the valuation gap between EnviroGold and its global peer group through disciplined growth, strong partnerships, and near-term revenue delivery."

EnviroGold's share price dropped 8.6% Friday to $0.16 on the Canadian Securities Exchange.