Pirate Gold (TSX-V:YARR) has engaged Canaccord Genuity to lead a flow-through private placement targeting up to C$15 million ($15.2 million) in gross proceeds.
The company will offer flow-through common shares at C$0.215 each and special flow-through common shares at C$0.2475 each. Canaccord Genuity and a syndicate of agents have been granted an option to sell an additional C$2.25 million of securities on the same terms.
The placement is expected to close on or about 22 October, subject to TSX Venture Exchange approval and other conditions. Securities will be subject to a four-month-and-one-day hold period.
Pirate Gold intends to use the proceeds to incur eligible Canadian exploration expenses qualifying as flow-through mining expenditures on its Treasure Island Project by 31 December 2027. The company must renounce all qualifying expenditures to subscribers with an effective date no later than 31 December 2026.
The funding also aims to maintain an active drilling program into spring 2027 while preserving the company’s existing C$8 million treasury.
Three rigs are currently active at the Moby Dick and Moosehead targets, while a 4,345 line-kilometre airborne Mobile MT survey is underway across the Crippleback intrusive suite to identify copper-gold porphyry targets at depth.
A barge-mounted rig is also testing beneath the man-made Crippleback Lake at the heart of Moby Dick.
The 2026 field program has generated additional copper-gold porphyry drilling targets at Coronation Lake and Clipper Brook, which are permitted for their first drilling in over 50 years.
Pirate Gold is a Newfoundland-focused explorer advancing its 100%-owned Treasure Island Project, a district-scale property covering more than 90km of strike along the Valentine Lake Fault Zone.
Write to Paula Fabe at Mining.com.au
Main image: Pirate Gold
