San Lorenzo Gold Corp Announces Private Placement of Up to $40 Million
News related to:San Lorenzo Gold Corp · 2 min read
CALGARY, Alberta, Oct. 16, 2026 /CourierPR/ -- San Lorenzo Gold Corp., a Canadian mineral exploration company, has announced a best-efforts private placement of up to 7,547,200 common shares for aggregate gross proceeds of up to $40,000,160. The offering will be led by SCP Resource Finance LP, as lead agent, on behalf of a syndicate of agents.
The Offering will consist of two main components: - Up to 3,773,600 Offered Shares, known as LIFE Shares, for aggregate gross proceeds of up to $20,000,080, pursuant to the "listed issuer financing exemption" under Part 5A of National Instrument 45-106, Prospectus Exemptions (NI 45-106). - Up to 3,773,600 Offered Shares, known as Non-LIFE Shares, for aggregate gross proceeds of up to $20,000,080, to certain purchasers. These shares will be offered to U.S. residents and non-U.S. residents under exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “1933 Act”).
The agents have an option to sell up to an additional 15% of the aggregate number of LIFE Shares and Non-LIFE Shares at the Offering Price, exercisable in whole or in part up to 48 hours prior to the applicable Closing Date. If the Agents' Option is exercised in full, the aggregate gross proceeds of the Offering will be up to $46,000,184.
The Company intends to use the net proceeds raised from the Offering for exploration drilling and technical studies at the Salvadora Project, including option payments and minimum exploration expenditures required under the Rubi option agreement. Additional uses include operational capabilities and infrastructure, corporate and administrative activities, and unallocated working capital.
Subject to regulatory requirements, the LIFE Shares (including any Offered Shares issued under the LIFE Offering on exercise of the Agents' Option) will be offered in all the Provinces of Canada except Québec. The LIFE Shares issuable pursuant to the LIFE Exemption are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws.
The Non-LIFE Shares (including any Offered Shares issued under the Non-LIFE Offering on exercise of the Agents' Option) may be subject to a hold period of four months and one day from the Closing Date in accordance with applicable Canadian securities laws.
Closing of the Offering is expected to take place on or about November 10, 2026 (the “Closing Date”). The Offering is subject to certain conditions, including receipt of all necessary approvals.
As consideration for their services, the Agents will receive an aggregate cash fee equal to 6.0% of the gross proceeds of the Offering, reduced to 3.0% in respect of the first $5,000,000 of gross proceeds received from purchasers on a "president's list" provided by the Company.