Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) announced the closing of an upsized non-brokered private placement, raising gross proceeds of $2,499,880.20 through the issuance of 16,665,868 units at $0.15 each. Each unit comprises one common share and one-half of a warrant, with each full warrant exercisable at $0.25 for a period of two years, subject to an acceleration clause if the company's shares trade at $0.50 or higher for 10 consecutive trading days.
The proceeds will be used for general working capital and exploration activities at the company's flagship Santa Fe Mine and West Santa Fe projects in the Walker Lane region of Nevada. The Santa Fe Mine is a past-producing asset that yielded 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open-pit, heap-leach operations. According to a recent NI 43-101 technical report, the project hosts an Indicated Mineral Resource of 1,539,000 ounces of gold equivalent (48,393,000 tonnes grading 0.92 g/t gold and 7.18 g/t silver) and an Inferred Mineral Resource of 411,000 ounces of gold equivalent (16,760,000 tonnes grading 0.74 g/t gold and 3.25 g/t silver), all pit-constrained.
The private placement included $28,910.39 in finder fees and the issuance of 192,735 broker warrants on the same accelerated-term structure. The offering constituted a related party transaction but was exempt from formal valuation and minority approval requirements under MI 61-101. The company plans to update the Santa Fe Preliminary Economic Assessment and drill test the West Santa Fe satellite project during 2025.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company focused on advancing its portfolio of gold and silver properties in Nevada. The company's flagship Santa Fe Mine project spans 26.4 square kilometers and is located in a mining-friendly jurisdiction. For more details on the private placement, refer to the full press release at https://ibn.fm/jgZMr. Additional information about Lahontan Gold Corp. is available at www.lahontangoldcorp.com.
