Canoe Mining Ventures Corp. Closes C$9.1 Million Upsized Subscription Receipt Financing

Canoe Mining Ventures Corp. (CLV) announced the closing of the first tranche of its non-brokered private placement of subscription receipts, raising C$9,086,739. This amount exceeds the previously announced minimum financing of C$6.2 million. The financing is concurrent with the Company's business combination with Longview Gold Corp. to acquire the Red Hill Project, with net proceeds designated for deep drilling at Red Hill, transaction costs, and working capital.

The Company issued 79,015,126 Subscription Receipts for gross proceeds of C$9,086,739.49. These proceeds are held in escrow with Marrelli Trust Company Limited pending the satisfaction of Release Conditions, which include TSX Venture Exchange approval and shareholder approval of the 3.32-for-one share consolidation. A second and final tranche of the financing is expected to close on or before October 13, 2026.

Each subscription receipt converts automatically into one Unit, consisting of one pre-Consolidation common share and one-half of one common share purchase warrant. The warrants are exercisable at C$0.18 per pre-Consolidation share for 36 months, with terms subject to adjustment for the 3.32-for-one share consolidation. Additionally, an aggregate of 3,898,610 broker warrants will be issued to eligible finders upon completion of the Transaction. These broker warrants are exercisable at C$0.115 per pre-Consolidation share for two years.

Insiders subscribed for 2,092,000 Subscription Receipts for gross proceeds of C$240,580. This transaction is exempt from formal valuation and minority shareholder approval under MI 61-101 as the fair market value does not exceed 25% of market capitalization.

On October 2, 2026, the Company granted 2,739,000 stock options to directors, officers, and consultants. The options carry an exercise price of C$0.125 per share and expire on October 2, 2031. Vesting is conditional upon Shareholder Approvals at the meeting on November 10, 2026. Of these, 2,324,000 options granted to directors and officers constitute a related party transaction under MI 61-101. Following the post-Consolidation adjustment, the options will be exercisable for 825,000 post-Consolidation shares at approximately C$0.415 per share.

The proceeds will support exploration at the Red Hill Project in Nevada, including a deep drilling program, as well as transaction costs and general working capital. A shareholder meeting is scheduled for November 10, 2026, to approve the 3.32-for-one share consolidation and the option grant.

"I want to thank our investors for their strong support — it let us upsize the minimum financing and close on C$9.1 million," said Scott M. Kelly, CEO & Director of Canoe. "We're now focused on closing the Longview acquisition and getting the drills turning at Red Hill."