Onyx Gold increases private placement to $6.4-million

Executive Summary

• Onyx Gold Corp. upsized its non‑brokered flow‑through private placement to $6.445 million, issuing 2.65 million shares at $2.43 each.
• The upsize brings total expected gross proceeds from the bought‑deal and this placement to approximately $26.445 million, strengthening the company’s balance sheet for 2025.
• Proceeds will be used for qualifying exploration expenditures on Ontario projects (Munro‑Croesus and broader Timmins portfolio) and will be renounced to shareholders by Dec. 31 2025; the placement is slated to close around Oct. 15 2025, subject to TSX‑V conditions.

Key Details

• Placement Size: $6,445,000 gross proceeds (up from prior amount).
• Share Count: 2.65 million common shares, each qualifying as a flow‑through (NB FT) share.
• Price per Share: $2.43.
• Total Expected Funding: Combined with the previously closed $20 M bought‑deal, total anticipated gross proceeds ≈ $26.445 million.
• Use of Proceeds: To incur qualifying exploration expenditures on Ontario projects (Munro‑Croesus and other Timmins assets) by Dec. 31 2026; to renounce those expenditures to shareholders effective Dec. 31 2025.
• Tax Indemnity: If CRA reduces qualifying expenditures or the company cannot renounce them, Onyx will indemnify subscribers for any additional taxes incurred.
• Closing Date: Expected on or about Oct. 15 2025 (or earlier/later by agreement).
• Conditions to Closing: Subject to conditional approval of the TSX Venture Exchange and other customary closing conditions.
• Hold Period: Shares subject to a four‑month‑plus‑one‑day hold period under Canadian securities law.
• Finder Fees: No finders’ fees payable in connection with this placement.

Notable Quotes

“With the successful close of our $20‑million bought deal and the upsized $6.4‑million non‑brokered financing with strategic investors, Onyx is finishing 2025 with one of the strongest balance sheets in the junior space,” – Brock Colterjohn, President & CEO.

Materiality Assessment: Material – Positive (significant capital raise that materially enhances liquidity and funding capacity for ongoing exploration programs).