Endurance Exploration Group Inc (EXPL)

[hedge_fun]

This makes more sense with 5 potential sites.....

Come on SEC, let's get this declared effective.


USE OF PROCEEDS

Assuming we raise the maximum offering amount from this offering, we estimate that the net proceeds from the sale of Units offered by us will be approximately $3,325,000, based on the public offering price of $0.25 per Unit, and after deducting placement agent fees and estimated offering expenses payable by us.

The principal purpose of this offering is to increase our capitalization and obtain the working capital necessary to implement our business plan. As of the date of this prospectus, we cannot specify with certainty all of the particular uses for the net proceeds of this offering. However, we currently intend to use the net proceeds from this offering primarily for general corporate purposes, including working capital, vessel and equipment rental and charters, recovery and survey activities, capital expenditures, employee and contractor compensation, reduction in accounts payables and debt, and other corporate purposes.

We will have broad discretion over the uses of the net proceeds from this offering. Pending these uses, we intend to invest the net proceeds from this offering in short-term, investment-grade interest-bearing securities such as money market funds, certificates of deposit, commercial paper, and guaranteed obligations of the U.S. government.