Engineer Gold Mines Ltd. announced a non-brokered private placement of up to 16,000,000 units at a price of CAD 0.025 per unit for gross proceeds of up to CAD 400,000 on October 13, 2022. Each unit will be comprised of one common share and one full share purchase warrant. Each Warrant is exercisable to purchase one common share of the Company at a price of CAD 0.10 per share for a period of 60 months from the date of closing of the financing.

If, at any time after the closing date, the corporation's common shares have a closing price of CAD 0.15 or more per share for 10 consecutive trading days on the TSX Venture Exchange, the corporation shall be entitled to give notice via a news release that the warrants issued pursuant to this placement will expire 30 days from the date of the news release. The transaction is subject to TSX Venture Exchange approval and all securities are subject to a four month hold period. The company may pay finder's fees of 8% common shares and 8% warrants with the same terms as participant warrants all in accordance with the policies of the TSX Venture Exchange.