San Lorenzo Gold (TSX-V:SLG) expects to close an upsized private placement of up to C$80 million ($81.3 million) on or about 10 November 2026 to fund exploration at its Salvadora Project in Chile.
The company increased the best-efforts offering from 7,547,200 common shares to 15,094,400 shares at C$0.35 each, for gross proceeds of up to C$80,000,320. The issue price sits below the C$5.61 close on Friday.
SCP Resource Finance and National Bank Financial lead the syndicate of agents, with the placement comprising two tranches.
The first tranche covers 9,433,900 shares under the listed issuer financing exemption (LIFE) for gross proceeds of up to C$49,999,670.
These shares are offered to investors in all Canadian provinces except Québec and are expected to be freely tradeable immediately, with no hold period under Canadian securities laws.
The second tranche comprises 5,660,500 shares for gross proceeds of up to C$30,000,650. These are offered to purchasers in Canada and the US under available prospectus exemptions, and to purchasers in other jurisdictions.
The non-LIFE shares carry a hold period of four months and one day from closing.
The agents will receive a cash fee of 6% of gross proceeds, reduced to 3% on the first C$5 million raised from purchasers on a president’s list supplied by the company. Net proceeds will fund exploration at Salvadora and general corporate and working capital purposes.
Closing is subject to customary conditions, including approval from the TSX Venture Exchange.
San Lorenzo owns 100% of Salvadora in Chile’s Atacama region, about 15km from Codelco’s El Salvador copper-gold mine. The project hosts multiple gold and copper-gold discoveries identified through drilling, geophysics, and surface exploration.
The company has 109,337,573 shares on issue and a market capitalisation of about C$613.4 million.
San Lorenzo Gold is a Canadian explorer advancing porphyry copper-gold and epithermal precious metals projects across Chile.
Write to JC Villarba at Mining.com.au
Images: San Lorenzo Gold
