Borealis Announces Closing of C$23 Million Bought Deal Offering, Including Full Exercise of the Underwriters' Option

Core Viewpoint - Borealis Mining Company Limited has successfully closed a bought deal private placement offering, raising gross proceeds of C$23,011,500 through the issuance of 15,341,000 common shares at a price of C$1.50 per share [1][2]. Group 1: Offering Details - The offering was underwritten by Stifel Canada as the lead underwriter, along with Haywood Securities Inc. and Red Cloud Securities Inc. [2] - The net proceeds from the offering will be allocated to advancing the company's gold projects in Nevada and for general working capital [2]. - The common shares were issued under the Listed Issuer Financing Exemption, allowing for no statutory hold period under Canadian securities laws [3]. Group 2: Compensation and Fees - The company paid the underwriters a cash commission of C$1,370,689.98 and issued 913,793 compensation warrants, each allowing the holder to acquire a common share at C$1.50 for 24 months [4]. - The compensation warrants and the common shares from their exercise are subject to a hold period expiring on May 16, 2026 [4]. Group 3: Company Overview - Borealis is focused on gold mining and exploration, particularly the Borealis Mine and the Sandman project in Nevada [7]. - The Borealis Mine is fully permitted and equipped for heap leach gold mining operations, with significant land holdings totaling approximately 16,300 acres [7]. - The Sandman project has a recently completed NI 43-101 compliant resource and a Preliminary Economic Assessment indicating strong economic potential [8].