Trans Canada outlines financing, Harrison Lake plan

Executive Summary
- Trans Canada Gold Corp. announced a combined private placement raising up to $2.0 M (non‑flow‑through units $1.5 M + flow‑through units $0.5 M) with an additional overallotment option for up to $300 k more.
- Proceeds are earmarked for due‑diligence, acquisition costs, and a detailed Year 1 exploration program on the Harrison Lake gold property, including underground drilling of at least 1,000 m.
- The company is advancing its option agreement to acquire a 60 % interest in the Harrison Lake property, requiring $250 k cash, $5 M of exploration spend and issuance of 10 M shares over five years; initial cash and exploration commitments are being satisfied through this financing.
Key Details
- Non‑flow‑through (NFT) portion:
- 10 M units @ C$0.15 per unit → up to C$1.5 M gross proceeds.
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Each unit = 1 common share + 1 common share purchase warrant (exercise price C$0.30, three‑year term).
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Flow‑through (FT) portion:
- 2,777,777 units @ C$0.18 per FT unit → up to C$0.5 M gross proceeds.
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Each FT unit = 1 common share + ½ warrant (exercise price C$0.30, two‑year term).
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Overallotment option:
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Additional 15 % of each tranche may be sold: up to 1.5 M NFT units (C$225 k) and 416,667 FT units (C$75 k).
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Use of proceeds – Non‑FT portion (C$2.0 M total):
- Due‑diligence & acquisition costs – C$50 k
- Initial option payment to Bear Mountain Gold Mines – C$50 k
- Year 1 exploration on Harrison Lake – C$600 k
- Reserve for future exploration/acquisition – C$1.0 M
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General working capital – C$300 k
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Year 1 Exploration Budget (C$600 k):
- Core logging facility upgrade – C$25 k
- Underground rehab & drill‑site preparation – C$100 k
- Minimum 1,000 m underground drilling – C$150 k
- ATV trail & drill road upgrades – C$50 k
- Minimum 500 m Hill zone & Portal zone drilling – C$75 k
- Equipment rentals & consumables – C$50 k
- Supervision, assaying & reporting – C$50 k
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Contingency – C$100 k
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Use of FT proceeds:
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Eligible Canadian exploration expenditures on Harrison Lake; expenses will be renounced for the 2026 tax year.
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Closing timeline:
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Expected closing by early April 2026, subject to TSX‑V approval and a four‑month hold period on all securities.
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Harrison Lake Option Agreement (Feb 2 2026):
- Acquire 60 % interest; obligations: C$250 k cash, C$5 M exploration spend, issuance of 10 M shares over five years.
- Net smelter return royalty: 2 % (4 % on one claim).
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Four annual advance royalties of C$200 k each triggered by feasibility study or commercial production.
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Current status:
- TSX‑V comments being cleared; first tranche closing targeted to fund Year 1 spend and cash option payment ($600 k + $200 k).
Notable Quotes
(No direct CEO/President quotes were provided in the release.)