Fox Tungsten Announces Bought Deal Private Placement for Gross Proceeds of C$11M

Executive Summary

• Fox Tungsten Ltd. entered into a bought‑deal private placement for gross proceeds of C$11.09 million, issuing both hard‑dollar and charity flow‑through units.
• The offering is expected to close around April 23, 2026, subject to TSX Venture Exchange and regulatory approvals.
• Net proceeds will fund exploration of the Fox Tungsten Project and other projects, while the charity units’ proceeds will be used for qualifying Canadian exploration expenses under flow‑through tax provisions.

Key Details

• Units Offered:
• 6,100,000 Hard Dollar Units at C$0.165 per unit.
• 42,000,000 Charity Flow‑Through (FT) Units at C$0.24 per unit.
• Aggregate Gross Proceeds: C$11,086,500.
• Underwriters / Bookrunner: Stifel Nicolaus Canada Inc. (co‑lead underwriter), PowerOne Capital Markets Ltd. (co‑lead underwriter), and sole bookrunner.
• Option to Underwriters: Up to an additional $1,650,000 of units may be sold on the same terms, exercisable any time before closing.
• Unit Composition:
• Each Hard Dollar Unit = 1 common share + ½ of a common‑share purchase warrant.
• Each Charity FT Unit = 1 common share + ½ of a warrant (qualifies as a flow‑through share).
• Warrant Terms: Exercise price C$0.22 per share; exercisable for 36 months after the offering’s completion.
• Closing Date: Expected on or about April 23, 2026, subject to required approvals.
• Use of Proceeds – Hard Dollar Units: Advance exploration of the Fox Tungsten Project and other projects; working capital and general corporate purposes.
• Use of Proceeds – Charity FT Units: Allocate gross proceeds to eligible “Canadian exploration expenses” that qualify as flow‑through critical mineral mining expenditures (and BC flow‑through mining expenditures for BC purchasers). Expenditures must be incurred by 31 Dec 2027, with renunciation to subscribers no later than 31 Dec 2026.
• Regulatory Status: Private placement exempt from prospectus requirements in Canada; securities not registered under U.S. law and cannot be offered/sold in the United States absent exemption.

Notable Quotes

(No direct quotes were provided in the release.)