Newcore Gold (TSX-V:NCAU) has closed a previously announced bought deal financing, raising gross proceeds of C$15 million ($15.18 million).
The company issued 28.31 million common shares at $0.53 per share. Post‑financing, Newcore has 312.7 million shares outstanding, with management and the board collectively owning 12% of the company.
Net proceeds will fund exploration and development at the Enchi Gold Project in Ghana, as well as general working capital.
As previously reported by Mining.com.au, Newcore has advanced Enchi to the Prefeasibility Study stage, targeting completion by the first half of 2026, with Lycopodium Minerals Canada leading the study.
The offering was conducted under the listed issuer financing exemption (no hold period for those shares), while shares issued to insiders are subject to a hold period of four months and one day.
Haywood Securities led the underwriter syndicate, which included Canaccord Genuity and SCP Resource Finance. The underwriters received an aggregate cash fee of C$876,836, equal to 6% of gross proceeds.
Certain directors and officers participated in the offering, acquiring a total of 250,000 common shares.
Insider participation is considered a related party transaction under Canadian securities rules. However, the company relied on exemptions from formal valuation and minority shareholder approval requirements.
Newcore Gold is advancing its Enchi Gold Project in Ghana, Africa’s largest gold producer, covering 248km² along 40km of the Bibiani Shear Zone.
Write to JC Villarba at Mining.com.au
Images: Newcore Gold
