07:04 AM EDT, 07/19/2024 (MT Newswires) -- EnviroGold Global ( ESGLF ) on Friday said it closed the third tranche of its non-brokered private placement, issuing about 10.7 million units at $0.05 per unit for total proceeds of $536,734.

Each unit includes one common share and one warrant exercisable to acquire one common share for $0.08 until April 30, 2026.

Including the first two tranches of the financing, EnviroGold raised $1.4 million. Up to Aug 29, the company can sell more units at its discretion bringing the total proceeds to a maximum of $2 million.

EnviroGold will use the proceeds to accelerate the establishment of the NVRO Clean Leach Process demonstration facility, to advance revenue generating customer relationships, and for general operating expenses.

EnviroGold said the commissioning of the demonstration facility is progressing ahead of time and under budget. Tailings processing is set to commence in the coming weeks.

The company has also initiated a project with a global advisory firm to outline the environmental advantages, liability reduction and risk mitigation benefits of applying the NVRO Clean Leach Process to mine waste and tailings.