Pasofino Gold Announces Closing of Non-Brokered Private Placement for Gross Proceeds of C$12.0 Million

Core Viewpoint - Pasofino Gold Limited has successfully closed a non-brokered private placement, raising gross proceeds of C$12.0 million to support the development of the Dugbe Gold Project and for general working capital purposes [1][11]. Group 1: Offering Details - The private placement consisted of units priced at C$0.50 each, totaling 24,000,000 common shares and 24,000,000 warrants, with each warrant allowing the purchase of one common share at C$0.75 for 24 months [1][2]. - The offering closed on October 21, 2025, and all securities issued are subject to a 4-month hold period expiring on February 22, 2026 [1][5]. Group 2: Finder's Fees and Insider Participation - The company paid a total of C$61,405 in cash finder's fees and issued 52,570 warrants exercisable at C$0.50 and 63,040 warrants exercisable at C$0.75 [5][8]. - Insiders subscribed for 54.2% of the offering, amounting to gross proceeds of C$6,506,500, with no finder fees or warrants paid on these subscriptions [10][9]. Group 3: Use of Proceeds - The net proceeds from the offering will be utilized for updating the feasibility study of the Dugbe Gold Project, repaying amounts owed to the Government of Liberia, and for general working capital [11][12]. Group 4: Project Overview - The Dugbe Gold Project spans 1,410 km² in southern Liberia and contains two identified deposits, Dugbe F and Tuzon, with a combined mineral resource estimate of 3.3 million ounces at an average grade of 1.37 g/t Au [13][14]. - The project is supported by a mineral development agreement with the Government of Liberia, which includes a 3% royalty rate on gold production and a 25% income tax rate [17].