Trans Canada Gold Announces $1.5 Million Private Placement for Phase 2 Drilling
News related to:Trans Canada Gold Corp · 2 min read
Trans Canada Gold Corp. has announced a $1.5 million Canadian non-brokered private placement to fund Phase 2 drilling at the Harrison Lake District Scale Gold Property in southwestern British Columbia. The company aims to raise the funds through two offerings: a flow-through private placement and a non-flow-through private placement.
Under the flow-through private placement, the company plans to issue up to 3,947,368 units at a price of $0.19 per unit, raising a maximum of $750,000. Each unit will consist of one flow-through common share and one-half of a share purchase warrant, with each warrant exercisable into one non-flow-through common share at an exercise price of $0.30 for two years. The net proceeds from this offering will be used for eligible Canadian exploration expenditures, specifically for drilling activities at the Harrison Lake Gold Project area.
The non-flow-through private placement will issue up to 4,411,764 units at a price of $0.17 per unit, raising a maximum of $750,000. Each unit will also consist of one common share and one-half of a share purchase warrant, with the same warrant terms as the flow-through units. The company intends to use the net proceeds from this offering for Phase 2 exploration and underground and surface drilling costs, as well as general working capital.
The company has completed Phase 1 drilling, which has unlocked significant gold potential for the expansion of the Harrison Lake Gold Project. The drilling was supervised by Carl von Einsiedel, P. Geo, the Project Manager. The Phase 2 drilling is budgeted to include underground drilling, surface drilling, and various associated costs. The underground drilling budget includes supervision, 3-D geological modeling, mobilization and technical support, drilling, and contingency. Surface drilling will focus on geological supervision, mobilization and technical support, drilling, and assays, with a 10% contingency.
Trans Canada Gold Corp. is a Canadian discovery-focused gold exploration company with operations in British Columbia. The company is currently reviewing and improving operating efficiency to maximize future drilling opportunities. The Harrison Lake District Scale Gold Project is located in southwestern British Columbia and is part of the company's ongoing exploration efforts.
The company has also announced an over-allotment option, allowing it to sell an additional 661,765 non-flow-through units and 592,105 flow-through units, raising up to $112,500 in additional funds.
The private placement is subject to approval from the TSX Venture Exchange, and the securities issued will be subject to a four-month hold period. The company expects the offering to close by mid-October 2026.
Trans Canada Gold Corp. is committed to minimizing risk through selective property acquisitions and responsible exploration drilling, with the goal of maximizing long-term gold and strategic mineral assets.