American Eagle Gold Corp Secures Additional Funding from South32
News related to:American Eagle Gold Corp · 2 min read
American Eagle Gold Corp. has secured additional funding through a top-up investment from South32 Limited, a wholly owned subsidiary of South32, on September 8, 2026. The transaction, announced on August 17, 2026, saw the issuance of 660,000 common shares at C$1.09 per share, raising a total of C$719,400. This investment maintains South32's 19.9% equity stake in American Eagle Gold Corp.
According to the terms of the investor rights agreement, South32's participation in this offering was triggered, allowing the company to maintain its significant stake. The price per share was determined in line with the agreement, and no warrants were issued in connection with the offering. The transaction remains subject to final acceptance from the TSX Venture Exchange and a statutory hold period of four months and one day.
The funds raised will be utilized for general corporate and working capital purposes. Prior to the investment, South32 held 40,331,069 shares, representing approximately 19.7% of the Company's issued and outstanding common shares. Post-investment, South32's shareholding has increased to 40,991,069 shares, maintaining the 19.9% stake.
American Eagle Gold Corp. is currently advancing the NAK copper-gold porphyry project in British Columbia's Babine Porphyry District, located 4.5 km north of the Hearne Hill South Property. The company is conducting an extensive drill program, expected to run through April 2027, with three rigs operating continuously. The program aims to significantly expand tonnage while extending known high-grade zones and discovering new ones. The company is well-funded for multiple years, with approximately $50 million in cash on hand.
Anthony Moreau, Chief Executive Officer of American Eagle Gold Corp., stated, "The additional investment from South32 is crucial for our ongoing exploration and development efforts. This funding will support our drilling program and other technical studies, furthering our goal of demonstrating the viability of the NAK project."
The offering was structured to comply with the relevant regulations, including exemptions under MI 61-101, which allowed the Company to proceed without formal valuation or minority shareholder approval. The TSX Venture Exchange has conditionally accepted the offering, and final acceptance is pending.