Core Viewpoint - Onyx Gold Corp. has successfully closed the second and final tranche of its non-brokered private placement, raising a total of approximately $13.04 million since May 2025, which will be used to advance exploration initiatives in Ontario and Yukon [1][3]. Group 1: Private Placement Details - The second tranche involved the issuance of 1,709,657 common shares at a price of $1.19 per share, resulting in gross proceeds of approximately $2.03 million [1]. - An existing strategic investor will own approximately 9.4% of the issued and outstanding common shares following the closing of the private placement [2]. - The private placement is subject to final acceptance by the TSX Venture Exchange and the shares will be subject to a hold period of four months and one day [4]. Group 2: Use of Proceeds - The company plans to use the gross proceeds from the sale of flow-through shares to incur "Qualifying Expenditures" related to its projects in Ontario and Yukon, with a deadline for incurring these expenditures set for December 31, 2026 [3]. - The company will renounce all Qualifying Expenditures in favor of the subscribers of the flow-through shares effective December 31, 2025 [3]. Group 3: Company Overview - Onyx Gold is focused on exploration in established Canadian mining jurisdictions, with assets in Timmins, Ontario, and Yukon Territory [6]. - The company has a portfolio that includes the Munro-Croesus Gold property, known for high-grade mineralization, and additional exploration properties [6][8]. - Onyx Gold controls four properties in the Selwyn Basin area of Yukon Territory, which is gaining significance due to recent discoveries [8].
Onyx Gold Closes Second Tranche of Non-Brokered Private Placement Financing with Strategic Investors