Core Viewpoint - Onyx Gold Corp. has successfully closed an $8 million financing through a private placement, which includes two tranches of flow-through shares aimed at funding Canadian exploration expenses related to its projects in Ontario and Yukon [1][3][9]. Financing Details - The financing consists of a "bought deal" private placement totaling $8,038,000, which includes the issuance of 5,000,000 common shares at $1.00 each for Tranche 1, generating $5 million, and 3,100,000 common shares at $0.98 each for Tranche 2, generating $3,038,000 [1][2]. - The offering was led by Cormark Securities Inc. and Agentis Capital Markets, with a cash commission of 6% on gross proceeds amounting to $482,280 [2]. Use of Proceeds - The proceeds from both tranches will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" on or before December 31, 2026, with renouncement of these expenditures to subscribers effective December 31, 2025 [3][11]. - The Tranche 1 shares will also qualify for the "Ontario focused flow-through share tax credit" [3]. Non-Brokered Private Placement - In addition to the above, the company announced a $3 million non-brokered private placement with strategic investors, which will now include a second tranche of flow-through shares, potentially raising up to $5.39 million in total [9][10]. - The first tranche of the non-brokered private placement is expected to close around May 29, 2025, while the second tranche is anticipated to close around June 6, 2025 [12][13]. Company Overview - Onyx Gold is focused on exploration in established Canadian mining jurisdictions, with significant assets in Timmins, Ontario, and Yukon Territory, including high-grade mineralization properties [16].
Onyx Announces Closing of $8 Million Financing and Increases Non-Brokered Offering with Strategic Investors