San Lorenzo Announces Private Placement of Up to $40 Million
San Lorenzo raised $40 million at $5.30 per share warrant-free to fund its Salvadora project.
San Lorenzo Gold Corp. announced on October 16, 2026, a best-efforts private placement of up to 7,547,200 common shares at $5.30 per share, targeting gross proceeds of up to $40,000,160. The offering is divided into two equal tranches of up to 3,773,600 shares each. The LIFE tranche is offered under the listed issuer financing exemption in all provinces except Québec and is expected to be immediately freely tradeable with no hold period. The Non-LIFE tranche is sold to specified purchasers under U.S. and international exemptions and is subject to a four-month-and-one-day hold period.
SCP Resource Finance LP serves as the lead agent for a syndicate, receiving a 6.0% cash fee on the transaction. This fee is reduced to 3.0% on the first $5,000,000 raised from purchasers included on a company-supplied "president's list." Agents hold an option to place an additional 15% of the shares, exercisable up to 48 hours before closing. If exercised in full, gross proceeds would rise to up to $46,000,184.
Net proceeds will be allocated to exploration drilling and technical studies at the Salvadora Project, which explicitly includes option payments and minimum exploration expenditures required under the Rubi option agreement. Additional funds will support operational capabilities and infrastructure, corporate and administrative expenses, and unallocated working capital. Closing is expected on or about November 10, 2026, subject to necessary approvals. The offering is structured as a share-only transaction, distinguishing it from prior 2025-2026 raises by attaching no warrants, thereby adding no new warrant overhang.
San Lorenzo Gold Corp. (SLG) announced a $40 million financing, the largest single tranche in its recent history and the fifth capital raise in roughly 11 months. The fourth such raise since December 2025, this transaction follows a pattern of approximately $6 million at $0.62 per unit in December 2025, followed by roughly $20 million split between $2.51 and $2.64 per unit in February and March 2026. The current $40 million raise is priced at $5.30 per unit, representing a discount of approximately 7% to the $5.71 closing price on October 15, 2026.
The proceeds will fund exploration at the Salvadora project, a second drill program, and obligations related to the Rubi option. The financing is structured as a best-efforts exploration financing and is warrant-free. Approximately 7.55 million new shares will be issued, resulting in roughly 6.5% dilution on a post-deal base, or approximately 7.4% if the 15% agents' option is fully exercised.
Prior to this raise, the company held $21.6 million in cash as of the first quarter of 2026, with total debt of $952,942. A corporate presentation referenced cash holdings of approximately $23.8 million as of June 30, 2026. With the addition of the new capital, San Lorenzo Gold Corp. is expected to hold more than $60 million in cash. The announcement did not identify any cornerstone or marquee shareholders.
San Lorenzo Gold Corp. (SLG) is a Canadian mineral exploration company advancing its 100%-owned Salvadora Project in Chile’s Atacama Region. The property is located approximately 15 km from Codelco’s El Salvador copper-gold mine and roughly 30 km from the Potrerillos smelter, covering approximately 11,962 hectares according to the corporate presentation.
The project is currently in the greenfield exploration and discovery stage. While multiple drill-confirmed gold and copper-gold centers exist, there is no mineral resource or reserve estimate, no economic study, and no production guidance.
Target areas include Cerro Blanco, Caballo Muerto, San Juan, and Arco de Oro, which form an epithermal vein trend, as well as Tres Amigos, Caballo South, Quebrada Salada, and Maria Teresa.
Selected drill highlights, based on downhole composite widths, include: * Cerro Blanco SAL-01-24: 153.5 m @ 1.04 g/t Au * Cerro Blanco SAL-04-25: 132.2 m @ 1.09 g/t Au * San Juan SAL-10-25: ~490 m @ 0.89 g/t Au (including 102.3 m @ 1.33 g/t Au and 52.6 m @ 1.67 g/t Au) * San Juan SAL-09-25: 58.5 m @ 1.07 g/t Au * Caballo Muerto SAL-03-22: 282.3 m @ 0.66 g/t Au
True widths are generally not established as the systems are still being modeled.
The October 16 release supplies no new project data; it is purely a financing announcement.