Badlands Closes $3.2m Private Placement and Completes Acquisition of Goliath Property
Badlands raises $3.2m to fund the Goliath acquisition and clear debt, though liquidity remains tenuous.
Badlands Resources Inc. has closed a non-brokered private placement of 11,975,021 units at $0.27 per unit, generating $3,233,255 in gross proceeds. Each unit includes one common share and one non-transferable warrant exercisable at $0.45 per share for two years, with an acceleration clause if the TSXV price exceeds $0.65 for five consecutive days.
The company acquired a 100% interest in the Goliath Property in Northwestern Ontario for $200,000 cash, assuming a 2% NSR royalty with a buy-back right at $1M. Additionally, $500,000 in debt was settled via the issuance of 1,851,846 shares at $0.27, including $300,000 to related-party creditors.
The sale of the Bella property remains pending TSXV and shareholder approvals, with no guarantee of completion. Net proceeds are earmarked for debt extinguishment, the Goliath acquisition, and working capital.
Badlands Resources Inc. (BLDS) announced the closing of a $3.2 million placement on September 28 and 29, 2026. The transaction, completed at a price of $0.27 per share, represents approximately a 20% discount to the recent market price of $0.34. This completion serves as a follow-up to previously disclosed financing efforts.
The company also finalized the acquisition of the Goliath property for a cash outlay of $200,000 plus a 2% net smelter return (NSR) royalty. This acquisition does not materially alter the company's exploration footprint or near-term cash flow profile. Meanwhile, the sale of the Bella property remains unresolved, leaving the company's primary asset disposition in limbo.
Badlands Resources Inc. (BLDS) is a pre-revenue gold exploration company listed on the TSX Venture Exchange. Its flagship asset is the Bella Project, also known as the Standby Gold Project, located in South Dakota on the Homestake Gold Trend. The property encompasses 110 km² of Banded Iron Formation and features historical high-grade grab samples reaching up to 138 g/t Au, along with approximately 16,360 m of historic drilling.
The company is currently in the exploration stage and has not generated any production or revenue. Recent activity includes pursuing the sale of the Bella property while simultaneously acquiring the Goliath Property in Northwestern Ontario to diversify its exploration portfolio.