Core Viewpoint - Onyx Gold Corp. has successfully closed a non-brokered private placement, raising $6.4 million, which contributes to a total of $26.4 million raised through recent financing efforts [1][2]. Financing Details - The non-brokered private placement involved the issuance of 2,650,000 common shares at a price of $2.43 per share, resulting in gross proceeds of $6,439,500 [2]. - The total aggregate proceeds raised by the company, including a previously completed bought deal private placement, amount to approximately $26,440,000 [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, with a deadline for incurring these expenses set for December 31, 2026 [3]. - The company plans to renounce all qualifying expenditures in favor of the subscribers of the flow-through shares effective December 31, 2025 [3]. Regulatory Compliance - The flow-through shares were offered under applicable exemptions from prospectus requirements and will be subject to a hold period of four months and one day from the date of issuance [4]. Company Overview - Onyx Gold is focused on exploration in established Canadian mining jurisdictions, with significant assets in Timmins, Ontario, and Yukon Territory [6][7]. - The company's portfolio includes high-grade mineralization properties and additional earlier-stage exploration properties, indicating a commitment to creating shareholder value through responsible mineral exploration [6][7].
Onyx Announces Closing of $6.4 Million Non-Brokered Financing at $2.43 per Share Involving Strategic Investors, Bringing Total Aggregate Proceeds Raised to $26.4 Million