1470350 B.C. Ltd. Closes C$16.5 Million Subscription Receipt Financing
News related to:1470350 B.C. Ltd · 2 min read
VANCOUVER, BRITISH COLUMBIA, Oct. 15, 2026 /CourierPR/ -- 1470350 B.C. Ltd., a company based in British Columbia, has completed a significant financing round as part of a broader business combination with Orior Metals Corp. The company has raised approximately C$16.5 million through the issuance of subscription receipts, bringing the total financing package to approximately C$20 million, including C$3.5 million invested directly into Orior.
The subscription receipts were issued at a price of C$0.23 each, with a total of 71,739,523 Subscription Receipts being sold. Upon satisfaction or waiver of certain escrow release conditions, including the completion of the Proposed Transaction, each Subscription Receipt will be automatically exchanged for one Resulting Issuer Share. The escrow release conditions must be satisfied or waived by 5:00 p.m. (Vancouver time) on February 28, 2027, or a later date as the company may determine.
Orior Metals Corp., a private company holding an option to acquire a 100% interest in the Revel Ridge project, an advanced-stage, gold-dominant polymetallic project located approximately 42 kilometers north of Revelstoke, British Columbia, is at the heart of this transaction. Upon the completion of the business combination, the common shares of the Resulting Issuer will be listed on the TSX Venture Exchange, and the Resulting Issuer will indirectly hold the option on the Revel Ridge Project.
Simon Marcotte, who will become the incoming President and CEO of the Resulting Issuer, expressed gratitude for the strong level of investor interest in the financing.
In addition to the subscription receipts, Orior completed a non-brokered private placement of units for gross proceeds of approximately C$2 million on September 18, 2026. The Orior Units, issued at a price of C$0.23 per unit, comprised one common share of Orior and one-half of one common share purchase warrant. Each Orior Warrant entitles the holder to purchase one Orior Share at an exercise price of C$0.70 on a post-Consolidation basis for a period of 36 months following the closing date.
Furthermore, incoming insiders have committed to invest approximately C$1.5 million in Orior through the purchase of flow-through shares at C$0.25 per share, an 8.7% premium to the purchase price of the Subscription Receipts. The consolidation of both the Company and Orior's common shares on a two-for-one basis is expected to precede the completion of the business combination.
The business combination is expected to be completed through a "three-cornered" amalgamation, under which a newly incorporated wholly-owned subsidiary of the Company will amalgamate with Orior. Holders of Orior Shares will receive Resulting Issuer Shares on a one-for-one basis in exchange for their Orior Shares. The transaction is subject to a number of conditions, including satisfactory due diligence, execution of the Definitive Agreement, receipt of regulatory approvals, and approval for the listing of the Resulting Issuer Shares on the TSX Venture Exchange.
For further information, please refer to the Company's news release dated September 14, 2026. Investors are cautioned that, except as disclosed in the listing application to be prepared in connection with the Proposed Transaction and to be filed with the Exchange, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon.