1911 Gold (TSX-V:AUMB) has closed its bought deal financing for gross proceeds of C$35.65 million ($36.49 million) to fund exploration and development at its True North Gold Project in Manitoba, Canada.
Financing comprised three tranches: (1) 7.8 million units at C$0.64 each, (2) 27.3 million Canadian development expenses flow-through units at C$0.79 each, and (3) 12 million Canadian exploration expenses flow-through units at C$0.75 each.
Haywood Securities led the underwriting syndicate as sole bookrunner, with BMO Nesbitt Burns, Roth Canada, and Velocity Trade Capital participating. The underwriters exercised their over‑allotment option in full.
Each unit comprises one common share and half a warrant, with each full warrant exercisable at $1.00 until July 29, 2028. The flow‑through units carry the same structure but qualify for specific tax treatment.
The company paid the underwriters a 6% cash commission of C$2.1 million and issued 2.8 million compensation options exercisable at C$0.64 per share until July 2028.
President and CEO Shaun Heinrichs says the company will use proceeds to fund ongoing exploration and development activities at True North, technical studies, and working capital.
1911 Gold controls a 62,000‑hectare land package in Manitoba’s Rice Lake Greenstone Belt, which includes the fully built and permitted True North mine and mill complex.
The project area contains numerous past‑producing gold operations within trucking distance of the central infrastructure.
Write to JC Villarba at Mining.com.au
Images: 1911 Gold
