Canadian Gold Resources Reprices Private Placement at CDN$0.0675 Per Share
News related to:Canadian Gold Resources Ltd · 2 min read
Canadian Gold Resources Ltd., a junior exploration company advancing three high-grade gold properties totaling approximately 18,000 hectares in Québec's Gaspé Peninsula, has announced a repricing of its non-brokered private placement. The company, which trades on the TSX Venture Exchange under the ticker "CAN" and currently has 58,068,876 common shares outstanding, is adjusting the terms of the previously announced private placement to better align with the current market price of its common shares.
The private placement, now being repriced, will consist of 1,481,482 common shares at a new price of CDN$0.0675 per share, raising a maximum of CDN$100,000. The common shares will be issued to two directors of the company, each of whom are accredited investors. The company intends to use the proceeds for general working capital purposes.
According to the release, the subscriptions by the directors will constitute a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61101"). The company expects such participation to be exempt from the formal valuation and minority shareholder approval requirements of MI 61101, as the fair market value of the securities subscribed for, and the consideration paid, will not exceed 25% of the company's market capitalization.
All securities issued pursuant to this placement are subject to a statutory hold period of four months and a day from the date of issuance. The placement is also subject to customary closing conditions, including the receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange.
The company's strategy is to unlock the potential of historically explored assets through modern exploration and development, supported by a management team with a proven track record in discovery and project advancement.
The press release, dated September 29, 2026, provides these details and no other information beyond the financial and procedural aspects of the private placement. The company did not provide any additional commentary or background on the rationale for the repricing or the specific use of the funds raised.