Core Viewpoint - Onyx Gold Corp. has announced an increase in its financing to $11 million, which includes a $3 million second tranche of flow-through shares added to a previously announced private placement [1][2]. Financing Details - The financing will consist of two tranches: - Tranche 1 will issue 5,000,000 common shares at $1.00 each, generating gross proceeds of $5,000,000 [2]. - Tranche 2 will issue 3,100,000 common shares at $0.98 each, generating gross proceeds of $3,038,000 [2]. - The total expected gross proceeds from both offerings is approximately $11,038,000 [1]. Use of Proceeds - The proceeds from the sale of the flow-through shares will be used to incur eligible Canadian exploration expenses related to the company's projects in Ontario and Yukon, with a deadline for incurring these expenses set for December 31, 2026 [3]. - The company will renounce all qualifying expenditures in favor of the subscribers effective December 31, 2025 [3]. Regulatory and Offering Conditions - The offerings are subject to regulatory approvals, including conditional approval from the TSX Venture Exchange, and are expected to close around May 22, 2025 [7]. - The Tranche 2 shares will be offered to purchasers in Canada (excluding Quebec) and other qualifying jurisdictions, with certain exemptions from prospectus requirements [4][5]. Company Overview - Onyx Gold is focused on exploration in established Canadian mining jurisdictions, with significant assets in Timmins, Ontario, and Yukon Territory [9]. - The company has a portfolio that includes the Munro-Croesus Gold property and other exploration properties, aiming to create shareholder value through responsible mineral exploration [9].
Onyx Announces an Increase to Its Previously Announced Financing to $11 Million with the Addition of a $3 Million Second Tranche of Flow-Through Shares