09:22 AM EDT, 04/12/2024 (MT Newswires) -- Great Eagle Gold ( GEGCF ) said on Friday that it will raise $500,000 in a non-brokered private placement intended mainly to fund the evaluation and due diligence on potential new acquisition targets.

"Great Eagle has been diligently reviewing dozens of potential acquisition candidates," CEO Andrew Fletcher said. "We are pleased to have short-listed that evaluation process and are now entering into the final negotiation stage process and anticipate an exciting road ahead."

The offering will comprise more than 1.3 million units at $0.38 apiece, or as determined by Great Eagle management per Canadian Securities Exchange regulations. Each unit will include one common share and one-half of one common share purchase warrant.

Each whole warrant will be exercisable for an additional common share of Great Eagle at $0.75 per share for 24 months following the closing of the financing. The financing, subject to an over-allotment of up to $150,000 at the company's discretion, will be subject to approval by the Canadian Securities Exchange.

Separately, the company said Michael Moses has joined its board. Moses has been heading growth initiatives since September 2023 as the chief business development officer and strategy consultant for Allied Health, operating in Canada and Colombia.

Moses has also been working with Parkdale Investments in Geneva, Switzerland, since June 2022.