Matachewan and McChip Acquire Significant Stake in Labrador Gold Corp
News related to:Labrador Gold Corp · 1 min read
TORONTO, Oct. 20, 2026 /CourierPR/ -- On October 19, 2026, Matachewan Consolidated Mines, Limited and McChip Resources Inc. acquired an aggregate of 42,675,809 common shares of Labrador Gold Corp. in the first tranche of the company’s non-brokered private placement. The acquisition was made at a price of $0.05 per Common Share, for aggregate gross proceeds of $2,133,790.45.
Matachewan, headquartered at 1 Adelaide Street East, Suite 801, Toronto, Ontario M5C 2V9, acquired ownership of 21,337,905 Common Shares for a total consideration of $1,066,895.25. McChip, with its head office at the Canadian Venture Building, 82 Richmond Street East, Toronto, Ontario M5C 1P1, acquired ownership of 21,337,904 Common Shares for a total consideration of $1,066,895.20. Both acquisitions were made at the same price per share.
Immediately following the acquisition, Matachewan owns and controls 21,337,905 Common Shares, and McChip owns and controls 21,337,904 Common Shares. Each represents approximately 9.995% of the issued and outstanding Common Shares on a non-diluted basis. Together, Matachewan and McChip own and control 42,675,809 Common Shares, representing approximately 19.99% of the issued and outstanding Common Shares on a non-diluted basis.
The acquisition is part of a strategic investment in Labrador Gold Corp. by Matachewan and McChip. Raymond D. Harari was appointed as a director of Labrador Gold Corp. and is anticipated to be appointed President at a later date. The Acquirors are entitled to, and intend to, subscribe for additional Common Shares on a non-flow-through basis in the second tranche of the Offering, pursuant to their subscription agreements with the company and the investor rights agreement among the company and the Acquirors dated October 19, 2026.
Matachewan Consolidated Mines, Limited, a Canadian natural resource company incorporated in 1933, and McChip Resources Inc., a Canadian natural resource company incorporated in 1935, both maintain exposure to the natural resource sector through investments in mineral and other resource-related opportunities.