07:40 AM EDT, 07/02/2024 (MT Newswires) -- EnviroGold Global ( ESGLF ) said Tuesday that it completed the second tranche of a $1 million non-brokered private placement and increased the offering to $2 million due to strong investor demand.

The second tranche consisted of about 2.2 million units issued at $0.05 apiece for proceeds of $112,000. Each unit consists of one common share and one warrant exercisable to buy one additional common share at $0.08 until April 30, 2026.

Together with the company's closing of the first tranche of the offering, EnviroGold has raised gross proceeds of $842,000.

The company plans to use the proceeds to accelerate the establishment of the NVRO Clean Leach Process demonstration facility in Brisbane, Australia; to advance customer relationships; and for general operating expenses.

On Friday, the shares closed up 13% at $0.045.